MS HB474

Amends Section 27-33-75 of the Mississippi Code to provide that any person with a service-connected total disability as an American veteran who has been honorably discharged is exempt from all ad valorem taxes on homestead property assessed value.

From January 1, 2011 forward, qualified homeowners described in Section 27-33-67(2)(a) receive a complete exemption from all ad valorem taxes on homestead property, increased from the previous $7,500.00 limit.

Existing exemption tables remain in effect for counties that have not completed Class I property valuations as of January 1, 2001, with exemptions ranging from $6.00 to $240.00 depending on assessed value.

For counties with updated Class I property valuations certified by the State Tax Commission, exemption tables range from $6.00 to $300.00 based on assessed property value.

The act becomes effective January 1, 2011, and does not affect any claims, assessments, or tax liens that accrued before the effective date.