Can you explain Homestead Exemption?

Category: Tax Collector

Homestead Exemptions
l Regular Homestead for Homeowners under Sixty-Five (65) Years of Age
Homeowners that are under sixty-five (65) years of age on January
1 of the year for which the exemption is claimed, and not totally
disabled shall be exempt from ad valorem taxes in the amount prescribed in MS Code §27-33-7. The amount of the exemption given
is determined by a sliding scale based upon the assessed value of
the property, which is capped at a maximum exemption of $300.
One-half (1/2) of the exemption allowed shall be from
taxes levied for school district purposes and one-half
shall be from taxies levied for the county general fund.