MS SB2240

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

Provides complete exemption from all ad valorem taxes for qualified homeowners age 65 or older or totally disabled and unremarried surviving spouses of such homeowners, effective January 1, 2015.

Exemption splits equally between school district taxes (one-half) and county general fund taxes (one-half).

Applies to exemptions claimed in calendar year 2015 and subsequent years, with reimbursement beginning in 2016.

Contains separate valuation schedules for counties with and without updated Class I property valuations as of January 1, 2001.