MS HB584

Increases the homestead ad valorem tax exemption for qualified homeowners in counties that have completed property valuations, with the exemption table extending to $8,851 and above (previously $5,851 and above) with a maximum exemption of $360.00.

For homeowners age 60 and over or permanently disabled in counties with updated valuations, increases the exemption from $6,000 to $7,500 of assessed homestead value effective January 1, 2012, with a further increase to $9,000 effective January 1, 2012.

Divides the exemption equally between school district and county general fund purposes (50/50 split).

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

Does not affect existing tax claims, assessments, or appeals that accrued before the effective date of the act.