MS HB1119

Changes homestead exemption reimbursement from a flat $50 per county tax and $50 per school tax ($100 total) to the full amount of the actual exemption allowed per applicant, effective with the 2015 supplemental roll.

Modifies municipal reimbursement to be the full amount of actual exemption allowed, not to exceed $200 per qualified applicant.

Allows taxing units to receive more than 106% of the prior year reimbursement amount in the 2015 calendar year, removing the normal 106% cap limitation for that year.

Permits counties, municipalities, and school districts to pledge reimbursement funds as security for loans if otherwise authorized by law.

Takes effect July 1, 2014.