MS HB128

Amends Section 27-33-75, Mississippi Code of 1972, to expand homestead property tax exemptions for qualified homeowners who are 65 years of age or older or totally disabled.

From January 1, 2022, qualified homeowners described in subsection (2) of Section 27-33-67 shall receive an exemption from all ad valorem taxes on the assessed value of homestead property, replacing the previous $7,500 cap on exemptions.

Exemption applies to claims made in the 2022 calendar year for reimbursement in the 2023 calendar year and subsequent years.

Maintains existing exemptions for other qualified homeowners, including a $7,500 assessed value exemption cap and an additional exemption protecting homeowners from tax increases on property value increases above the 2018 baseline (except for certain renovations and improvements).

Takes effect July 1, 2021.