MS HB1386

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 homestead property's assessed value increases due to a subsequent valuation update.

Exemption applies to part or all of the assessed value increase, as determined by the board of supervisors or municipal governing authority, but excludes increases from property expansions or additions (except those for safety or access).

Baseline exemption applies to homestead property assessed value on January 1, 2018, or the first year the homeowner claims the exemption under the property owner's initial exemption claim.

Exemption becomes effective for claims made in calendar year 2018 and subsequent years.

Additional exemption granted under this provision is not eligible for reimbursement under existing homestead exemption tax loss reimbursement statutes (Sections 27-33-77 and 27-33-79).