MS HB1570

Amends Section 27-33-75 of Mississippi Code to create two different homestead ad valorem tax exemption schedules based on county property valuation updates.

For counties that have NOT completed a Class I property valuation update after January 1, 2008, or have completed but not implemented one, homestead exemptions remain unchanged with maximum exemption of $300.00 and elderly exemption capped at $7,500.00 of assessed value.

For counties that HAVE completed and implemented a Class I property valuation update after January 1, 2008, increases homestead exemptions with a new expanded table providing exemptions up to $402.00 and increases elderly exemption cap from $7,500.00 to $10,000.00 of assessed value.

Half of all exemptions shall apply to school district taxes and half to county general fund taxes.

Effective January 1, 2010, with new exemption schedule applying to claims made in the 2010 calendar year for reimbursement in 2011 and subsequent years.