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MS HB557
Bill
Status
6/3/2020
Primary Sponsor
Stephen Horne
Click for details
AI Summary
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Expands homestead property tax exemption for persons age 65 or older or totally disabled to exempt all ad valorem taxes on assessed homestead value, effective January 1, 2021.
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Current law limits exemption to $7,500 of assessed homestead value; new provision removes this cap for qualified seniors and disabled homeowners.
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Exemption applies to claims made in the 2021 calendar year with reimbursement in 2022 and subsequent years.
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Maintains existing exemptions for other qualified homeowners, including additional protections against assessment increases due to property revaluations.
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Takes effect July 1, 2020.
Legislative Description
Homestead exemption; increase for persons 65 years of age or older or totally disabled.
Last Action
Died In Committee
6/3/2020