Mississippi Sample Letter for Exemption of Ad Valorem Taxes
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How to fill out Sample Letter For Exemption Of Ad Valorem Taxes?
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Each qualified homeowner under sixty-five (65) years of age on January 1 of the year for which the exemption is claimed, and who is not totally disabled as herein defined shall be exempt from ad valorem taxes in the amount prescribed in Section 27-33-69, 27-33-71, 27-33-73 or 27-33-75, whichever is applicable to the ...
The applicant must come in person to the Tax Assessor's office the first time to file for homestead exemption benefits. Each year after that the homestead exemption benefits are automatically renewed unless there is a change in the filing status.
Persons who are 65 years of age and older or who are disabled, upon application and proof of eligibility, are exempt from all ad valorem taxes up to $7,500.00 of assessed value.
Mississippi exempts all forms of retirement income from taxation, including Social Security benefits, income from an IRA, income from a 401(k) and any pension income. On top of that, the state has low property taxes and moderate sales taxes.
Assessed value has been established as 30% of the Manufacturer's Suggested Retail Price plus a reduction of a certain percentage for depreciation over 10 years. A minimum assessed value is set at $100.00 for passenger vehicles. This ad valorem tax is revenue used by the local governments.
When are property taxes due? Taxes are due on or before February 1 for property assessed the preceding year. If February 1 falls on a weekend or legal holiday, taxes may be paid the following Monday without penalties or interest.
Rather state law simply exempts the homeowner from ad valorem taxes for up to $7,500 in as- sessed value. In other words, a home with a true value of $75,000 or less would be exempt from all property taxes (municipal, school district, and county).
A person requesting homestead exemption must make a written application, must be a natural person, the head of a family, have ownership and eligible property, occupy the dwelling as a home, and be a Mississippi resident. Each of these requirements are discussed in detail.