MS HB493

Amends Section 27-33-75, Mississippi Code of 1972, to provide homestead property owners an additional exemption equal to the increase in assessed value up to 5 percent above the prior year's assessed value.

Exemption applies to qualified homeowners in subsection (1) of Section 27-33-67, with half from school district taxes and half from county general fund taxes; also applies to homeowners in subsection (2) for all ad valorem taxes.

New exemption is in addition to all other exemptions currently provided by state law and existing homestead exemptions under subsections (1) and (2) of Section 27-33-75.

Applies to counties that completed property valuation updates in accordance with State Tax Commission procedures and had them certified for ad valorem taxation purposes as of January 1, 2001.

Takes effect January 1, 2011, and applies to exemptions claimed in the 2011 calendar year for reimbursement in 2012 and subsequent years.