MS HB113

Amends Section 27-33-75, Mississippi Code of 1972, to increase homestead property tax exemptions for qualified homeowners.

For counties that have completed property valuation updates, increases the exemption for certain homeowners from $7,500 to $10,000 of assessed homestead property value, effective January 1, 2012.

Expands the exemption table for counties with updated valuations to include additional assessed value brackets up to $9,901 and above, with corresponding exemptions up to $402.00.

Maintains existing exemption structure where one-half of exemptions apply to school district taxes and one-half apply to county general fund taxes.

Applies increased exemptions to claims made in the 2012 calendar year with reimbursement in 2013 and subsequent years.