MS SB2500

Creates Section 27-33-76 to authorize county boards of supervisors and municipal governing authorities to grant ad valorem tax exemptions on homesteads of Mississippi residents serving on active duty in Iraq or Afghanistan as members of the military, National Guard, or reserve components.

County exemptions are limited to the lesser of $100 or the actual ad valorem taxes due on the homestead, while municipal exemptions are limited to the lesser of $50 or actual taxes due, excluding school district taxes.

Eligible residents must present military orders and a Department of Revenue-prescribed form to the tax collector to qualify for the exemption.

Removes the September 30, 2012 repeal date from Section 27-51-42.3, making permanent the existing exemption on one motor vehicle for active duty service members in Iraq or Afghanistan.

Requires the Department of Revenue to adopt rules and regulations to administer and implement the exemption provisions, effective January 1, 2010.