MS HB461

Amends Section 27-33-75 of the Mississippi Code to provide total ad valorem tax exemption on homestead property for service-connected, totally disabled American veterans who have been honorably discharged from military service, effective January 1, 2011.

Increases homestead exemption from $6,000 to $7,500 of assessed value for qualified homeowners in counties that have completed property revaluations certified by the State Tax Commission as of January 1, 2001.

For totally disabled veterans, provides complete exemption from all ad valorem taxes on homestead property assessed value starting January 1, 2011, with reimbursement beginning in the 2012 calendar year.

Maintains existing exemption tables and procedures for counties that have not completed property revaluations, with half of exemptions applied to school district taxes and half to county general fund taxes.

Preserves all existing tax claims, assessments, appeals, and liens for taxes due before the act's effective date.