Bill > HB1255

This bill increases the homestead tax exemption for homeowners who are 65 years of age or older in Mississippi. Specifically, starting January 1, 2026, qualified homeowners who are 65 years or older will be allowed an exemption from all ad valorem taxes (property taxes) on up to $12,500 of the assessed value of their homestead property, which is an increase from the previous limit of $7,500. The bill maintains the existing graduated exemption schedule for lower-valued properties, where the tax exemption increases incrementally based on the assessed value of the home. The exemption will be equally split between school district and county general fund taxes. The new provisions will apply to tax exemptions claimed in the 2026 calendar year, with reimbursements made in the 2027 calendar year and subsequent years. This change aims to provide additional tax relief for senior homeowners by reducing their property tax burden.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1255.xml