MS HB1026

Qualifies homeowners age 65 or older or totally disabled to claim an additional exemption from all ad valorem taxes on the difference between the assessed value of their homestead on January 1, 2018 (or the first year they claim exemption) and any increase in assessed value from subsequent property valuations completed while they own the property.

If a subsequent property valuation update results in a lower assessed value than the January 1, 2018 baseline, the exemption applies to the difference between that lower value and any subsequent increases in assessed value.

Excludes from the exemption any increase in assessed value attributable to renovations, expansions, or improvements to the property, except for improvements related to energy efficiency, safety, or access.

Defines an "update in valuation" as when a county completes a revaluation of Class I property according to state procedures and the Department of Revenue certifies implementation for ad valorem tax purposes.

Exemption applies to claims made in the 2018 calendar year and subsequent years, with reimbursements beginning in the 2019 calendar year.