MS HB759

Homeowners age 65 or older are exempted from ad valorem taxes on increases in assessed value of homestead property above the prior calendar year's assessed value.

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

Exemption applies to claims made in 2011 and subsequent calendar years, with reimbursement beginning in 2012.

For counties that have completed Class I property revaluations certified by the State Tax Commission, senior homeowners may also claim up to $7,500 in assessed value exemption.

Act becomes effective January 1, 2011, and does not affect any tax claims, assessments, or liens that arose before this date.