MS HB1582

Authorizes county boards of supervisors and municipal governing authorities to grant an additional homestead exemption for qualified homeowners age 65 or older or totally disabled when their property's assessed value increases due to a subsequent valuation update.

The additional exemption may be granted on part or all of the increase in assessed value in any amount determined by local authorities, but does not apply to increases from property expansions or additions except those for safety or access.

Exemptions apply only to increases resulting from valuation updates completed after January 1, 2017, or after the first year the homeowner claimed an exemption on the property.

The additional exemption authorized under this act is not eligible for state reimbursement under existing homestead exemption tax loss reimbursement statutes.

The act becomes effective January 1, 2017.