MISSISSIPPI LEGISLATURE

2001 Regular Session

To: Finance

By: Senator(s) Canon, Smith, White (29th), Michel, Carmichael, Hewes, Thames, Harvey, Hyde-Smith, Nunnelee, Browning, Hamilton, Kirby

Senate Bill 2408

AN ACT TO AMEND SECTION 27-33-75, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF HOMESTEAD EXEMPTION FOR PERSONS WHO ARE SIXTY-FIVE YEARS OF AGE OR OLDER OR WHO ARE TOTALLY DISABLED; TO AMEND SECTION 27-33-77, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF REIMBURSEMENT TO COUNTIES FOR THE TAX LOSS CAUSED BY HOMESTEAD EXEMPTIONS; TO AMEND SECTION 27-33-79, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 27-33-75, Mississippi Code of 1972, is amended as follows:

27-33-75. (1) Qualified homeowners described in subsection (1) of Section 27-33-67 shall be allowed an exemption from ad valorem taxes according to the following table:

ASSESSED VALUE HOMESTEAD

OF HOMESTEAD EXEMPTION

$ 1 - $ 150 $ 6.00

151 - 300 12.00

301 - 450 18.00

451 - 600 24.00

601 - 750 30.00

751 - 900 36.00

901 - 1,050 42.00

1,051 - 1,200 48.00

1,201 - 1,350 54.00

1,351 - 1,500 60.00

1,501 - 1,650 66.00

1,651 - 1,800 72.00

1,801 - 1,950 78.00

1,951 - 2,100 84.00

2,101 - 2,250 90.00

2,251 - 2,400 96.00

2,401 - 2,550 102.00

2,551 - 2,700 108.00

2,701 - 2,850 114.00

2,851 - 3,000 120.00

3,001 - 3,150 126.00

3,151 - 3,300 132.00

3,301 - 3,450 138.00

3,451 - 3,600 144.00

3,601 - 3,750 150.00

3,751 - 3,900 156.00

3,901 - 4,050 162.00

4,051 - 4,200 168.00

4,201 - 4,350 174.00

4,351 - 4,500 180.00

4,501 - 4,650 186.00

4,651 - 4,800 192.00

4,801 - 4,950 198.00

4,951 - 5,100 204.00

5,101 - 5,250 210.00

5,251 - 5,400 216.00

5,401 - 5,550 222.00

5,551 - 5,700 228.00

5,701 - 5,850 234.00

5,851 and above 240.00

Assessed values shall be rounded to the next whole dollar (Fifty Cents (50) rounded to the next highest dollar) for the purposes of the above table.

One-half (1/2) of the exemption allowed in the above table shall be from taxes levied for school district purposes and one-half (1/2) shall be from taxes levied for county general fund purposes.

(2) (a) Qualified homeowners described in subsection (2) of Section 27-33-67 shall be allowed an exemption from all ad valorem taxes on not in excess of Six Thousand Dollars ($6,000.00) of the assessed value of the homestead property.

(b) From and after January 1, 2002, qualified homeowners described in subsection (2) of Section 27-33-67 shall be allowed an exemption from all ad valorem taxes on not in excess of Nine Thousand Dollars ($9,000.00) of the assessed value of the homestead property.

(3) The exemption provided for in subsection (2)(a) of this section shall apply to exemptions claimed in the 1988 calendar year for which reimbursement is made in the 1989 calendar year and to exemptions claimed for which reimbursement is made in subsequent years through the 2002 calendar year. The exemption provided for in subsection (2)(b) of this section shall apply to exemptions claimed in the 2002 calendar year for which reimbursement is made in the 2003 calendar year and to exemptions claimed for which reimbursement is made in subsequent years.

SECTION 2. Section 27-33-77, Mississippi Code of 1972, is amended as follows:

27-33-77. (1) Beginning with the 1985 supplemental roll, and for each succeeding year's roll thereafter through the 2001 supplemental roll, the amount of tax loss to be reimbursed because of exemptions provided for in this article shall be Fifty Dollars ($50.00) each for county taxes exempted and school taxes exempted for a total of One Hundred Dollars ($100.00) per applicant qualifying for homestead exemption under this article.

(2) After the 2001 supplemental roll, the amount of tax loss to be reimbursed because of exemptions provided for in this article shall be Seventy-five Dollars ($75.00) each for county taxes exempted and school taxes exempted for a total of One Hundred Fifty Dollars ($150.00) per applicant.

(3) The reimbursement received by the county shall be distributed by the county treasurer to the general fund. Such reimbursement may be pledged as security for any loan received by the county for the purpose of capital improvements as authorized under Section 57-1-303, or for the purpose of loans as authorized under Section 57-44-7, or for the purpose of water systems improvements as authorized under Section 41-3-16.

(4) * * * Tax losses sustained by municipalities because of exemptions granted to homeowners described in subsection (2) of Section 27-33-67 shall be reimbursed up to the amount of the actual exemption allowed, not to exceed Two Hundred Dollars ($200.00) per qualified applicant.

SECTION 3. Section 27-33-79, Mississippi Code of 1972, is amended as follows:

27-33-79. Notwithstanding the limitation imposed on reimbursement of tax losses in Section 27-33-77, no taxing unit shall be reimbursed more than one hundred six percent (106%) or less than the amount of the reimbursement made to the same taxing unit, for the next preceding year, unless such reimbursement is reduced as a result of a reduction in approved homestead applicants; however, for the 1986 calendar year, no taxing unit shall be reimbursed less than the amount of the reimbursement made to the same taxing unit for the 1985 calendar year. The one hundred six percent (106%) limitation on reimbursement of tax losses provided for in this section shall not apply to increases in the amount of the reimbursement provided for in Section 27-33-77(2).

SECTION 4. This act shall take effect and be in force from and after July 1, 2001.