MS HB4007

Lineal descendants who inherit homestead property that has been in their family for at least 15 consecutive years would receive an additional property tax exemption effective January 1, 2026.

The exemption shields qualifying homeowners from ad valorem taxes on assessed value increases exceeding 110% of the property's average assessed value during the family's ownership period, following any county revaluation.

Eligibility requires the homeowner to be a direct lineal descendant of previous owners and the property must have served as the family homestead continuously for the preceding 15 years.

The exemption applies to revaluations certified by the Department of Revenue under procedures in effect as of January 1, 2026, with reimbursements beginning in 2027.