MS HB34

Increases the maximum homestead exemption from ad valorem taxes from $300.00 to $360.00 for counties that have completed property valuation updates, with the exemption table extended to cover assessed values up to $8,851 and above

Raises the exemption cap for qualified elderly and disabled homeowners (as defined in Section 27-33-67(2)) from $7,500 to $9,000 of assessed value, effective January 1, 2011

Maintains the existing exemption structure for counties that have not completed Class I property valuation updates, with a maximum exemption of $240.00 for assessed values of $5,851 and above

Splits the homestead exemption equally between school district taxes (50%) and county general fund taxes (50%)

Applies to exemptions claimed in the 2011 calendar year for reimbursement in 2012 and subsequent years