MS SB2412

Increases homestead exemption for persons age 65 or older or totally disabled from $7,500 to $10,000 of assessed property value, effective January 1, 2013.

The increased $10,000 exemption applies to exemptions claimed in the 2013 calendar year and subsequent years with reimbursement beginning in 2014.

Exemption from ad valorem taxes is allowed on the increased amount with no limitation on school district or county general fund purposes for this category of homeowners.

Maintains existing exemption structure for other qualified homeowners based on assessed value brackets ranging from $1 to $7,351+, with exemptions split equally between school district and county general fund taxes.