MS HB503

Amends Section 27-35-50 of Mississippi Code to freeze the assessed value of Class I homestead property if title has not changed from the preceding year.

Prohibits increasing the true value of homestead property above the prior year's value unless title changes by sale or other means of transfer.

Establishes that if homestead property is sold, the true value becomes the sale price; if title changes by other means, true value is determined according to existing law provisions.

Applies to the 2011 calendar year and all subsequent years.

Effective July 1, 2010.