MS HB1583

Allows qualified homeowners age 65 or older or totally disabled to claim an additional homestead exemption equal to the difference between the assessed value on January 1, 2017 (or first year of exemption claim) and any increase from subsequent property valuation updates.

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

Exemption does not apply to value increases from renovations, expansions, or improvements, except for those promoting energy efficiency, safety, or accessibility.

An "update in valuation" occurs when a county completes a Class I property valuation update per Mississippi Constitution Section 112 and the Department of Revenue certifies implementation for ad valorem tax purposes.

Additional exemption applies to claims made in the 2017 calendar year with reimbursement in 2018 and subsequent years, effective January 1, 2017.