MS SB2992

Increases the maximum homestead exemption from $7,500.00 to $20,000.00 of assessed property value for qualified homeowners who are heads of families.

Applies the $20,000.00 exemption cap to seniors age 65 and older, service-connected totally disabled veterans, and disabled homeowners under the Federal Social Security Act definition.

Updates the exemption table in Section 27-33-75 to extend tax exemption calculations for homestead properties valued up to $19,951 and above at $804.00.

Takes effect January 1, 2026.