MS HB8

Amends Section 27-33-75 of Mississippi Code to provide a complete ad valorem tax exemption on homestead property for service-connected totally disabled veterans who have been honorably discharged from military service, effective January 1, 2010.

Increases homestead exemption for qualified homeowners in counties with updated Class I property valuations from $6,000 to $7,500 of assessed value.

For counties that completed property valuation updates certified by the State Tax Commission as of January 1, 2001, establishes different exemption tables with maximum exemptions of $240-$300 depending on assessed value ranges.

Divides homestead exemptions equally between school district taxes (one-half) and county general fund taxes (one-half).

Exemptions apply to claims made in 2010 and later calendar years with reimbursement beginning in 2011.