MS HB1582

Increases the homestead exemption for persons 65 years of age or older or totally disabled from $7,500 to $10,000 of assessed property value, effective January 1, 2010

Applies only to counties that have completed updated Class I property valuations according to State Tax Commission procedures

Counties without updated valuations retain the existing $6,000 exemption cap for qualifying seniors and disabled homeowners

Reimbursement for the increased exemption begins in calendar year 2011 for exemptions claimed in 2010

Half of the general homestead exemption applies to school district taxes and half to county general fund taxes