MS HB647

Amends Section 27-33-75 of Mississippi Code to increase ad valorem tax exemptions for homesteads in counties that completed a Class I property valuation update after January 1, 2008, and had those valuations certified and implemented by the State Tax Commission.

For counties with updated valuations, increases the maximum homestead exemption from $300.00 to $402.00 based on assessed property value, with exemption amounts scaled in $150 increments up to $9,901 assessed value.

For counties with updated valuations, increases the elderly/disabled homeowner exemption from $7,500.00 to $10,000.00 of assessed value exempted from all ad valorem taxes.

Counties without completed valuations after January 1, 2008 retain the original exemption structure with maximum exemption of $300.00 and $7,500.00 for elderly/disabled homeowners.

Exemptions apply to claims made in 2011 (for counties with updated valuations) and subsequent years, with half the exemption applying to school district taxes and half to county general fund taxes; effective January 1, 2011.