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Homeowners may also be eligible for the Mississippi homestead exemption. This exempts the first $7,500 in assessed value from taxation, up to a maximum of $300 off your tax bill. Seniors who are 65 or older receive a full exemption on the first $7,500 of their property's assessed value.
Application Requirements A copy of your recorded Warranty Deed. Your Mississippi car and/or truck tag numbers. Social Security Numbers for You and Your Spouse if You Are Married. Birth dates for you and your spouse or all parties applying for homestead. Your closing or settlement statement.
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. The application for exemption must be filed with the individual county on or before April 1.
The Homestead Exemption Law was enacted by the Mississippi Legislature to ease the tax burden on citizens who own and live in their own homes. If a citizen qualifies for homestead exemption, the State of Mississippi exempts part or all of their ad valorem tax bill on qualifying property.
The exemption is from all ad valorem taxes assessed to property, limited to the first seven thousand five hundred dollars ($7,500) of assessed value, and limited to three hundred dollars ($300) of actual exempted tax dollars.
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.
In Mississippi, paying the property taxes on someone else's land does not affect ownership in any manner. You simply cannot obtain title to someone's land by paying their taxes for them.
The property owner who applies for and is eligible to receive homestead exemption benefits, and who is also over sixty-five years of age or 100% disabled, is totally exempt from residential property taxes on the first $7,500 of assessed value of the property.