MS HB60

Increases homestead exemption from ad valorem taxes for qualified homeowners age 70 and older from $7,500 to $10,000 of assessed property value, effective January 1, 2014.

Applies to homeowners who have reached 70 years of age on or before January 1 of the year in which exemption is claimed.

Maintains existing exemption amounts for homeowners under 70 years of age at $7,500 of assessed value.

Splits exemption amounts equally between school district property taxes and county general fund property taxes.

Does not affect any tax claims, assessments, appeals, or liens that accrued before the act's effective date of January 1, 2014.