Homestead Exemption for Taxpayers Under 65 Years Old

State

Mississippi

Year

2020

Variations in Receipt of Benefit

Benefit Varies with Property Value

Benefit Type

Exemption

Benefit

Eligible taxpayers qualify for exemption based on assessed value (Mississippi has an assessment ratio of 10% on owner-occupied residential property). There are 50 brackets in $150 increments, ranging from less than $150 assessed value to values over $7,350. The exemption is $6 for the lowest bracket to $300 for those homesteads above $7,350 assessed value. Local assessors develop the applications for this program. Applications need to be turned in before April 1st to qualify.

How is Benefit Disbursed

Credit to the property tax bill

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this program.

Eligibility Criteria

Age

Homeowner

Principal Residence

Description of Eligibility Criteria

Eligible taxpayers must be under 65 years old, and they must occupy the qualifying property as their primary residence.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

State and local government share the local tax loss

Description of State Funding for Tax Loss

The state helps cover the cost of providing the exemption by reimbursing counties at a rate of $50 per qualifying taxpayer, and school districts at a rate of $50 per qualifying taxpayer.

Record ID

MS103_RR20

Sources

Miss. Code Ann. § 27-33-19 ;
Miss. Code Ann. § 27-33-67(1);
Miss. Code Ann. § 27-33-75;
Miss. Code Ann. § 27-33-77 (in effect for 2020)
Property FAQ, Mississippi Tax Commission
[https://www.dor.ms.gov/property/homestead-exemption-rules-and-regulations accessed 12/22/2021]
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