MS HB377

Amends Section 27-33-75 of Mississippi Code to increase ad valorem tax exemptions for homesteads in counties that have completed a property valuation update after January 1, 2008 and had those valuations certified by the Department of Revenue.

For counties with updated valuations, increases the maximum homestead exemption from $300.00 to $402.00 for assessed values of $9,901 and above, with a graduated exemption table based on assessed value.

For counties without updated valuations or those that have not implemented updates, maintains the existing exemption structure with a maximum of $300.00.

Increases the elderly homeowner exemption from $7,500.00 to $10,000.00 in assessed property value for counties with certified updated valuations.

Effective January 1, 2012, with new exemptions applying to claims made in the 2012 calendar year for reimbursement in 2013 and subsequent years.