MS HB1165

Provides full exemption from all ad valorem taxes on homestead property for service-connected, totally disabled American veterans who have been honorably discharged from military service, effective January 1, 2015.

Extends the full homestead property tax exemption to unremarried surviving spouses of such disabled veterans under the same conditions and effective date.

Increases the homestead exemption cap from $6,000 to $7,500 of assessed value for other qualified homeowners (those 65+ years old or totally disabled through other means) in counties that have completed property valuations.

Clarifies that the Department of Revenue (replacing State Tax Commission) determines eligibility for disability exemptions based on federal Social Security Act classifications, Railroad Retirement Act, qualified retirement plans, or department-adopted regulations.

Changes effective January 1, 2015, with reimbursement to begin in 2016 calendar year, and applies to all subsequent exemption claims.