MS SB2458

Qualified homeowners age 65 or older or totally disabled who claim a homestead exemption receive an additional exemption from all ad valorem taxes equal to any increase in assessed property value resulting from county-wide revaluation updates

The additional exemption freezes the taxable assessed value at the January 1, 2015 level, or the first year the homeowner claims the exemption, protecting them from property tax increases due to reassessments

The exemption applies only to valuation increases from county-wide Class I property revaluation updates, not from improvements or other changes to the property

The new exemption takes effect January 1, 2015, with reimbursements to local governments beginning in the 2016 calendar year

Existing homestead exemption provisions remain unchanged, including the tiered exemption schedule ranging from $6 for assessed values up to $150 to $300 for values of $7,351 and above