MS SB2022

Increases the 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, 2014.

The exemption increase applies to exemptions claimed in the 2014 calendar year and subsequent years, with reimbursement beginning in the 2015 calendar year.

Exemption is from all ad valorem taxes on the increased amount of homestead property value.

Half of the exemption is deducted from school district taxes and half from county general fund taxes.