MS HB115

Amends Mississippi Code Sections 27-33-75 and 27-33-67 to provide complete exemption from all ad valorem taxes on homestead property for service-connected, totally disabled American veterans with honorable discharge.

Extends the full homestead tax exemption to unremarried surviving spouses of qualifying disabled veterans, effective January 1, 2012.

For counties with updated Class I property valuations, increases the homestead exemption cap from $6,000 to $7,500 in assessed value for other qualified homeowners (elderly or disabled non-veterans).

Exemption from all ad valorem taxes applies to the full assessed value of homestead property for disabled veterans and their unremarried surviving spouses, with exemptions claimed in 2012 and thereafter reimbursed beginning in 2013.

Preserves all existing tax claims and assessments accrued before the effective date of January 1, 2012.