Bill > SB2992

This bill increases the maximum homestead exemption in Mississippi from $7,500 to $20,000 of the assessed value of homestead property. The homestead exemption is a tax benefit designed to reduce property taxes for homeowners, with the goal of encouraging home ownership and providing financial security for families. The bill modifies two sections of the Mississippi Code: Section 27-33-3 and Section 27-33-75. The changes apply to various categories of homeowners, including heads of families, seniors aged 65 and older, disabled veterans, and individuals with certain disability classifications. The exemption covers ad valorem taxes levied by counties, school districts, and other local entities. The bill also updates a detailed table that calculates the specific tax exemption amount based on the assessed value of the homestead, progressively increasing the exemption amount from $6 to $804 as the assessed value increases from $1 to $19,951 and above. The changes will take effect on January 1, 2026, providing homeowners with a significant increase in their property tax relief.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB2992.xml