MS HB94

Increases the homestead exemption from ad valorem taxes for qualified homeowners in counties that have completed property valuations as of January 1, 2001, with the exemption table extended to cover assessed values up to $8,851 and above (previously $5,851 and above).

Raises the maximum exemption amount for certain qualified homeowners from $6,000 to $7,500 of assessed homestead property value under subsection (2)(a).

Increases the exemption further to $9,000 of assessed homestead property value for qualified homeowners effective January 1, 2010 under subsection (2)(b).

Splits exemptions equally between school district purposes (one-half) and county general fund purposes (one-half).

Takes effect January 1, 2010, with increased exemptions applying to claims made in the 2010 calendar year and subsequent years.