MS HB328

Increases homestead ad valorem tax exemption for qualified homeowners aged 70 or older from $6,000 to $10,000 of assessed home value, effective January 1, 2018.

Creates two separate exemption schedules depending on whether a county has completed updated Class I property valuations certified by the State Tax Commission as of January 1, 2001.

For counties with updated valuations, increases the maximum exemption for elderly homeowners from $7,500 to $10,000 of assessed value.

Maintains existing exemption structure where one-half of exemptions apply to school district taxes and one-half to county general fund taxes.

Exemptions apply to claims made in calendar year 2018 with reimbursement in 2019 and subsequent years.