MS HB1534

Allows qualified homeowners who reach age 65 after January 1 of the year for which the exemption is claimed to receive a prorated homestead exemption based on the number of full months remaining in that year after they turn 65.

Increases the homestead exemption cap from $6,000 to $7,500 of assessed property value for homeowners age 65 or older and those with total disability.

Prorated exemption amount is calculated by multiplying the $7,500 exemption by the ratio of remaining full months in the year to 12 total months.

Applies the new prorated exemption provisions to exemptions claimed in the 2011 calendar year and subsequent years for reimbursement in 2012 and beyond.

Amends application requirements in Section 27-33-31 to address new exemption procedures for homeowners qualifying under the mid-year age requirement.