HB 294 Summary

• Amends Section 27-33-75, Mississippi Code of 1972 to increase homestead property tax exemptions for qualified homeowners.

• For counties that have completed property valuations: increases the exemption table ceiling from $5,851 and above ($240.00 exemption) to $9,901 and above ($402.00 exemption), with new brackets for assessed values between $7,501-$9,900.

• For counties with elderly/disabled homeowners (subsection 2(a)): increases exemption from $6,000 to $7,500 of assessed homestead value; effective January 1, 2010, further increases to $10,000 of assessed homestead value.

• Splits exemptions 50/50 between school district taxes and county general fund taxes.

• Takes effect January 1, 2010.