MS HB1620

Increases homestead property tax exemption for persons age 65 or older or totally disabled from $6,000 to $10,000 of assessed value, effective January 1, 2015.

Provides full exemption from all ad valorem taxes for unremarried surviving spouses of qualified elderly or disabled homeowners and their homestead property, effective January 1, 2015.

Applies different exemption tables depending on whether a county has completed updated Class I property valuations as of January 1, 2001, with the updated table extending exemptions up to $7,351 in assessed value.

Splits exemption benefits between school district taxes (one-half) and county general fund taxes (one-half).

Effective date is January 1, 2015, and does not affect any tax claims or assessments accrued before the effective date.