MS HB1255

Increases the homestead exemption from ad valorem taxes for qualified homeowners age 65 or older from $7,500 to $12,500 of assessed property value, effective January 1, 2026.

The increased $12,500 exemption applies to homeowners who have reached age 65 on or before January 1 of the year for which the exemption is claimed.

Exemptions claimed in the 2026 calendar year will receive reimbursement beginning in the 2027 calendar year and in all subsequent years.

Maintains existing homestead exemption provisions for other qualified homeowners, including unremarried surviving spouses, disabled veterans, and military families.

Takes effect July 1, 2025.