MS SB3173

Amends Mississippi Code Section 27-33-75 to increase homestead property tax exemptions for qualified homeowners age 65 or older or totally disabled in counties experiencing significant property value growth.

Allows exemption from all ad valorem taxes on up to $10,000 of homestead assessed value (increased from $7,500) in counties where Class I property total assessed values increased 10% or more since 2008 due to valuation updates, effective January 1, 2011.

Exemption applies to claims made in the 2011 calendar year and subsequent years, with reimbursement beginning in the 2012 calendar year.

One-half of exemptions are credited against school district tax levies and one-half against county general fund tax levies.

Takes effect January 1, 2010.