MS HB360

Increases homestead property tax exemption for qualified homeowners age 70 or older from $6,000 to $10,000 of assessed value, effective January 1, 2016.

Provides full exemption from all ad valorem taxes on homestead property for unremarried surviving spouses of qualified homeowners age 70 or older, effective January 1, 2015.

Expands exemption tables for counties that have updated Class I property valuations, with maximum exemptions increasing from $240.00 to $300.00 for homeowners under 70.

Exemptions are split equally between school district taxes and county general fund taxes.

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