MS HB1105

Increases homestead property tax exemption for qualified homeowners age 70 or older from $7,500 to $10,000 of assessed property value, effective January 1, 2011.

Exemption applies to homeowners who reach age 70 on or before January 1 of the year the exemption is claimed.

For counties with updated Class I property valuations, increases the exemption table maximum from $240.00 to $300.00 for assessed values of $7,351 and above.

One-half of the exemption comes from school district tax reductions and one-half from county general fund tax reductions.

Does not affect tax claims, assessments, or liens for taxes accrued before the effective date of January 1, 2011.