How much does homestead exemption save in Mississippi?
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.
How does homestead exemption work in Mississippi?
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.
What is the deadline to file for homestead exemption in Mississippi?
Applications for Homestead Exemption must be filed between January 1 and April 1. To apply for Homestead Exemption for the first time, you need to come to the Tax Assessor’s Office (365 Losher Street, Suite 100, Hernando, MS 38632) and bring the following: A copy of your recorded Warranty Deed.
Do I have to file homestead every year?
Do I need to re-apply for my Homestead Exemption every year? No, you do not. The Property Appraiser mails out in January an “Automatic Residential Renewal Receipt” to every homesteaded property owner. If you do not have any changes, you can keep the receipt as proof that you are eligible for the automatic renewal.
What happens if you don’t file Homestead Exemption?
You file before the deadline. Otherwise, you could miss out on the opportunity to qualify for the exemption. The deadline for the Homestead Exemption is the same day as property tax deadlines for your county or state. If you miss the deadline, then you will lose the exemption for that year.
Do you file homestead every year in Mississippi?
Each year after that the homestead exemption benefits are automatically renewed unless there is a change in the filing status. If any of the following changes occur, a new application must be filed in the tax assessor’s office: Marriage, divorce, separation, or death of spouse or joint owner.