Bill > HB1125

This bill amends Section 27-33-75 of the Mississippi Code of 1972 to increase the homestead exemption from ad valorem taxes for persons who are 65 years of age or older or who are totally disabled. Specifically, the bill increases the exemption from the current $7,500 to $12,500 of the assessed value of the homestead property, effective January 1, 2025. Additionally, the bill provides an additional exemption for qualified homeowners to offset any increase in the assessed value of the homestead property due to subsequent updates in valuation, with some exceptions. The bill also extends the exemption to unremarried surviving spouses of certain members of the United States Armed Forces who were killed or died on active duty.