MS HB746

Allows homeowners age 65 and older to claim an exemption from ad valorem taxes on the amount of assessed value increase in their homestead property above the prior calendar year's assessed value.

The new exemption for seniors applies in addition to existing homestead exemptions and all other state tax exemptions.

Exemption applies to claims made in the 2011 calendar year for reimbursement in 2012 and subsequent years.

Exemption takes effect July 1, 2011, and does not affect any tax claims, assessments, or appeals from before that date.