MS HB743

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, 2013.

Applies to counties that have completed valuation updates for Class I property as certified by the State Tax Commission.

Exemption is split equally between school district taxes (one-half) and county general fund taxes (one-half).

New exemption amount applies to exemptions claimed in the 2013 calendar year and subsequent years, with reimbursement beginning in 2014.

Does not affect any tax claims, assessments, or appeals for taxes accrued before the effective date.