MS HB1352

Allows qualified homeowners aged 65+ or totally disabled to claim an additional homestead exemption equal to the difference between the assessed value on January 1, 2018 (or first year of claim) and any increases from subsequent property valuation updates.

If a later 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.

Exempts from this additional exemption any 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 revaluation per Mississippi Constitution Section 112 and the Department of Revenue certifies implementation for ad valorem tax purposes.

Takes effect January 1, 2018, with exemptions claimed in 2018 receiving reimbursement starting in 2019 and continuing for subsequent years.