MS HB365

Amends Section 27-33-75, Mississippi Code of 1972, to provide an additional homestead exemption for qualified homeowners who are 65 years or older or totally disabled.

Allows an additional exemption equal to the difference between the assessed value on January 1, 2016 (or the first year an exemption is claimed) and any increases from subsequent property valuation updates completed while the homeowner owns the property.

If a subsequent valuation update results in a lower assessed value, the additional exemption applies to the difference between that lower value and any subsequent increases from future updates.

Exempts from the additional exemption any property value increases from renovations, expansions, or improvements, except for those promoting energy efficiency, safety, or accessibility.

Takes effect January 1, 2016, and applies to exemptions claimed in the 2016 calendar year with reimbursement in 2017 and subsequent years.