Homestead Exemption for Taxpayers Under 65 Years Old

State

Mississippi

Year

2022

Variations in Receipt of Benefit

Benefit Varies with Property Value

Benefit Type

Exemption

Benefit

The benefit is an exemption of assessed value. There are 50 brackets in $150 increments, ranging from less than $150 assessed value to over $7,350 assessed value. The exemption is $6 for the lowest bracket and $300 for homesteads above $7,350 assessed value.

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 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_RR22

Footnotes

Mississippi has an assessment ratio of 10% on owner-occupied residential property. Local assessors develop the applications for this program. Applications must be filed by 1 April to qualify.

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 2022)
Mississippi Tax Commission, Property FAQs
[https://www.dor.ms.gov/sites/default/files/Property/PropertyFAQ.pdf Accessed 11/01/2023]
View Archived Source
Mississippi Department of Revenue, Property Tax in Mississippi
[https://www.dor.ms.gov/property/property-tax-mississippi Accessed 11/09/2023]
View Archived Source

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