MS HB784

Expands homestead property tax exemptions for qualified homeowners age 65 or older or totally disabled, effective January 1, 2025, to provide exemption from all ad valorem taxes on the full assessed value of homestead property instead of the previous $7,500 cap.

Maintains existing exemption structure for other qualified homeowners under subsection (2)(a), which provides $7,500 exemption, and for unremarried surviving spouses of armed forces members killed or died on active duty, which provides full exemption on homestead property.

Preserves the additional exemption for assessed value increases from property updates, except for renovations and improvements unrelated to energy efficiency, safety, or accessibility.

Specifies that new exemptions claimed in 2025 calendar year will receive reimbursement beginning in 2026 calendar year and in subsequent years.

Takes effect July 1, 2024.