MISSISSIPPI LEGISLATURE

2004 Regular Session

To: Finance

By: Senator(s) Hewes, Michel, Gollott, King, Cuevas, Kirby, Chaney, Nunnelee, Flowers, Harvey, Pickering, Thomas, Albritton, Lee (47th), Walley, Lee (35th), Chamberlin, Carmichael, Dawkins, Hyde-Smith, Jackson (15th), Doxey, Brown

Senate Bill 2464

AN ACT TO AMEND SECTION 27-33-75, MISSISSIPPI CODE OF 1972, TO INCREASE THE EXEMPTION FROM AD VALOREM TAXES ON HOMESTEADS FOR PERSONS WHO ARE 65 YEARS OF AGE OR OLDER OR WHO ARE TOTALLY DISABLED; 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:

     [With regard to any county that has not completed an update in the valuation of Class I property, as designated by Section 112, Mississippi Constitution of 1890, in the county according to procedures prescribed by the State Tax Commission and in effect on January 1, 2001, and has not implemented such valuations for the purposes of ad valorem taxation, this section shall read 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)  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.

     (3)  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.

     [With regard to any county that has completed an update in the valuation of Class I property, as designated by Section 112, Mississippi Constitution of 1890, in the county according to procedures prescribed by the State Tax Commission and in effect on January 1, 2001, and for which the State Tax Commission has certified that such new valuations have been implemented for the purposes of ad valorem taxation, this section shall read 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 - 6,000                               240.00

          6,001 - 6,150                                  246.00

          6,151 - 6,300                                  252.00

          6,301 - 6,450                                  258.00

          6,451 - 6,600                                  264.00

          6,601 - 6,750                                  270.00

          6,751 - 6,900                                  276.00

          6,901 - 7,050                                  282.00

          7,051 - 7,200                                  288.00

          7,201 - 7,350                                  294.00

          7,351 and above                           300.00

     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 * * * Section 27-33-67(2) shall be allowed an exemption from all ad valorem taxes on not in excess of Seven Thousand Five Hundred Dollars ($7,500.00) of the assessed value of the homestead property. 

          (b)  From and after January 1, 2004, qualified homeowner described in Section 27-33-67(2) shall be allowed an exemption from all ad valorem taxes on not in excess of Ten Thousand Dollars ($10,000.00) of the assessed value of the homestead property.

     (3)  (a)  Except as otherwise provided in this subsection, subsection (2)(a) of this section shall apply to exemptions claimed in the 2001 calendar year for which reimbursement is made in the 2002 calendar year and to exemptions claimed for which reimbursement is made in subsequent years through calendar year 2005.

          (b)  Subsection (2)(b) of this section shall apply to exemptions claimed in the 2005 calendar year for which reimbursement is made in the 2006 calendar year and to exemptions for which reimbursement is made in subsequent years.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2004.