MS HB177

Allows qualified homeowners age 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 exemption claim) and any increases from property revaluation updates completed while they own the property.

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

Excludes increases in assessed value from renovations, expansions, improvements, or additions to the property from the additional exemption, except for improvements related to energy efficiency, safety, or accessibility.

Applies to exemptions claimed in the 2018 calendar year for reimbursement in 2019 and subsequent years, with exemptions from all ad valorem taxes.

Takes effect January 1, 2018.