MS SB3034

Creates new Code Section 27-33-81 to prohibit the Department of Revenue from distributing homestead exemption reimbursement funds to taxing districts where property assessed valuation has increased due to reappraisal, unless the district publishes notice of the lower millage rate needed to produce the same prior year revenue.

Amends Section 27-33-77 to make homestead exemption reimbursements of $50 for county taxes and $100 for school taxes per applicant subject to the new restrictions in Section 27-33-81.

Amends Section 27-33-79 to make the existing 106% reimbursement cap and floor provisions subject to the new restrictions in Section 27-33-81.

Effective date is July 1, 2010.