MS HB87

Amends Mississippi Code Section 27-33-75 to increase homestead exemption amounts for persons age 65 or older or totally disabled.

For counties that have completed updated Class I property valuations, increases exemption from $7,500 to $10,000 in assessed homestead value effective January 1, 2011.

Exemption increases apply to qualified homeowners as described in subsection (2) of Section 27-33-67, allowing exemption from all ad valorem taxes on the increased property value amounts.

For counties without updated valuations, maintains existing exemption tables with maximum exemptions of $240.00; for counties with updated valuations, extends exemption table to cover assessed values up to $7,351 and above with maximum exemption of $300.00.

Takes effect January 1, 2011.