2007 Regular Session
By: Senator(s) Cuevas
AN ACT TO AUTHORIZE AN AD VALOREM TAX EXEMPTION FOR HOMEOWNERS 65 YEARS OF AGE OR OLDER FOR INCREASES IN THE ASSESSED VALUE ON THEIR HOME SUBSEQUENT TO THE DATE THAT THEY QUALIFY FOR THE EXEMPTION; TO PROVIDE THAT THIS EXEMPTION SHALL NOT APPLY TO HOMEOWNERS WITH AN ADJUSTED GROSS INCOME ON THEIR FEDERAL TAX RETURN IN EXCESS OF $70,000.00; TO REQUIRE THAT THE EXEMPTION BE APPLIED FOR ANNUALLY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Except as otherwise provided in this section, homeowners who qualify for the exemption provided for in Section 27-33-3 by reason of being sixty-five (65) years of age or older may apply for the exemption provided for in this section.
(2) Any increase in the assessed value of the homestead of a homeowner described in subsection (1) of this section that occurs subsequent to the date that the homeowner qualifies as provided for in subsection (4) of this section, shall be exempt from ad valorem taxation.
(3) A homeowner shall not be eligible for the exemption authorized by this section if the homeowner's adjusted gross income, as reported in the homeowner's federal tax return for the year prior to the year in which the exemption is applied to the property, exceeds Seventy Thousand Dollars ($70,000.00). In the case of a person whose filing status is married and filing separately, the homeowner shall not be eligible for the exemption authorized by this section if the combined adjusted gross income reported in the federal income tax returns of the homeowner and his spouse exceed Seventy Thousand Dollars ($70,000.00). The Seventy Thousand Dollar ($70,000.00) limit shall be increased in an amount equal to the percentage increase in the Consumer Price Index, as established by the United States Department of Labor, with the January 2006 index to be used as the base month and year for calculating increases.
(4) (a) An eligible homeowner shall apply annually for the exemption authorized by this section with the county tax collector. The application shall be accompanied by such information as the tax collector considers necessary to determine if the homeowner qualifies for the exemption and the tax collector shall determine whether the homeowner qualifies for the exemption. Any adverse decision may be appealed as provided in Section 27-33-55.
(b) If an eligible homeowner fails to qualify for the exemption in one (1) year and qualifies in a subsequent year, the exemption shall be based on the ad valorem tax for the most recent year the owner failed to receive the exemption.
(5) The exemption shall not apply if the value to the home is increased by twenty-five percent (25%) due to construction or reconstruction.
(6) An eligible homeowner's surviving spouse who is fifty-five (55) years of age or older, or who has minor children, shall be eligible to continue the exemption in the same manner as the homeowner.
SECTION 2. This act shall take effect and be in force from and after July 1, 2007.