MS HB1125

Increases homestead ad valorem tax exemption from $7,500 to $12,500 of assessed property value for qualified homeowners age 65 or older or totally disabled, effective January 1, 2025.

Exemption increase applies to exemptions claimed in the 2025 calendar year with reimbursement made in the 2026 calendar year and subsequent years.

Maintains existing exemption structure for other qualified homeowners, including full exemptions for certain veterans' surviving spouses and properties with capped value increases since 2018.

Assessed property values are rounded to the nearest whole dollar for exemption calculation purposes.

Takes effect July 1, 2024.