Bill > HB648

This bill modifies the homestead exemption rules for property tax in Mississippi, specifically focusing on exemptions for people who are 65 years or older or totally disabled. The bill expands the existing tax exemption structure by introducing a significant change starting January 1, 2026, where qualified homeowners (65 or older or totally disabled) will be exempt from all ad valorem taxes (property taxes) on their entire homestead property, instead of just a fixed dollar amount. Currently, the law provides a graduated tax exemption based on the assessed value of the homestead, ranging from $6 to $300 depending on the property's value. The bill also maintains existing exemptions for specific groups, such as unremarried surviving spouses of military members and honorably discharged veterans who are 90 years or older. Additionally, the bill preserves certain protections that prevent property tax increases due to property valuation updates, with exceptions for significant renovations or improvements. The changes will take effect on July 1, 2025, and apply to tax exemptions claimed in the 2026 calendar year and beyond, potentially providing significant tax relief for older and disabled homeowners in Mississippi.