MS SB2022

Provides an additional homestead exemption for qualified homeowners age 65 or older or totally disabled on increases in assessed property value resulting from valuation updates completed after January 1, 2017 or the first year they claim the exemption.

The additional exemption equals the difference between the baseline assessed value (January 1, 2017 or first claim year) and any increase from subsequent valuation updates, with exemption applied to increases only.

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

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

Exemption applies to claims made in the 2017 calendar year and later, with reimbursements beginning in 2018.