MS HB359

Increases homestead exemption for persons 65 years or older or totally disabled from $7,500 to $10,000 of assessed property value, effective January 1, 2016.

Provides full exemption from all ad valorem taxes for homeowners 65+ or totally disabled and their unremarried surviving spouses, effective January 1, 2015.

Applies two different exemption schedules based on whether counties have updated Class I property valuations as of January 1, 2001, with the updated counties receiving higher exemption amounts.

Exemptions split equally between school district taxes (50%) and county general fund taxes (50%).

Takes effect January 1, 2016, and does not affect any tax claims or assessments accrued prior to the effective date.