MS SB2578

Allows taxpayers to pay ad valorem taxes without penalty or interest if a county board of supervisors inadvertently extended a tax exemption beyond the authorized period under Sections 27-31-101 through 27-31-117.

Adds an additional homestead exemption for qualified homeowners age 65 or older or totally disabled, exempting increases in assessed value resulting from property valuation updates completed after January 1, 2018, or the first year they claim the exemption.

The additional homestead exemption does not apply to assessed value increases from renovations, expansions, or improvements, except for energy efficiency, safety, or accessibility improvements.

If a property 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.

The homestead exemption amendments apply to exemptions claimed in 2018 and subsequent calendar years; escaped taxation provisions apply to assessments made on or after January 1, 2017.