MS HB222

Increases homestead property tax exemption for qualifying homeowners age 70 and older from $7,500 to $10,000 of assessed value, effective January 1, 2013.

Exemption applies to homeowners who reach age 70 on or before January 1 of the year the exemption is claimed.

For counties that have not updated Class I property valuations as of January 1, 2001, maintains existing exemption structure with maximum exemption of $6,000 for senior homeowners.

For counties with updated property valuations, increases senior homeowner exemption cap to $10,000 while maintaining $7,500 exemption for other qualified homeowners.

Split exemption benefit equally between school district property taxes (one-half) and county general fund property taxes (one-half).