MS SB2826

Increases the maximum homestead exemption from $7,500 to $20,000 of assessed value for qualifying Mississippi homeowners who are heads of families and bona fide state residents.

Raises the maximum homestead exemption to $20,000 of assessed value for homeowners age 65 and older, service-connected totally disabled veterans, and individuals classified as disabled under the Federal Social Security Act.

Updates the homestead exemption dollar amount table, increasing the maximum exemption credit from $300 to $804 for properties with assessed values up to $20,000.

Requires the state to reimburse local taxing units for tax revenue losses resulting from the increased exemptions.

Takes effect January 1, 2027.