MS HB648

Increases homestead exemption for qualified homeowners age 65 or older or totally disabled from $7,500 to $10,000 of assessed property value, effective January 1, 2012.

Exemption increase applies only to counties that have completed updated Class I property valuations as certified by the State Tax Commission as of January 1, 2001.

In counties without completed property updates, the existing $6,000 homestead exemption for elderly or disabled homeowners remains unchanged.

Half of the exemption is applied against school district taxes and half against county general fund taxes.

Changes apply to exemptions claimed in the 2012 calendar year with reimbursement beginning in 2013 and thereafter.