MS HB975

Amends Section 27-33-75, Mississippi Code of 1972, to expand homestead property tax exemptions for seniors and disabled persons.

Effective January 1, 2020, persons age 65 or older or totally disabled receive a complete exemption from all ad valorem taxes on homestead property assessed value, replacing the previous $7,500 cap.

Persons age 65 or older or totally disabled also receive an additional exemption on the difference between the homestead property's assessed value on January 1, 2018 (or first year of claiming exemption) and any subsequent increases in assessed value from revaluation updates.

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

Takes effect July 1, 2019, with the full exemption applying to claims made in the 2020 calendar year for reimbursement in 2021 and thereafter.