MS HB332

Increases homestead ad valorem tax exemptions for qualified homeowners in counties that have completed property valuations as of January 1, 2001, by adding new exemption brackets for assessed values between $5,851 and $9,901 and above, with exemptions ranging up to $402.00.

Raises the maximum homestead exemption from all ad valorem taxes from $6,000 to $7,500 for certain qualified homeowners, and further increases it to $10,000 effective January 1, 2013.

Splits exemptions equally between school district taxes (one-half) and county general fund taxes (one-half).

Applies the increased exemptions to claims made in the 2013 calendar year with reimbursement in the 2014 calendar year and subsequent years.

Takes effect January 1, 2013, and does not affect tax claims or assessments accrued before the effective date.