Homestead exemptions require an individual to pay taxes on only 10% of the assessed value of their property, rather than the normal 15%.
A homestead exemption can only be applied for in the Assessor/Tax Collector’s Office. These can be filed between January 2nd and April 1st each year. If the 1st of April falls on the weekend, the deadline for filing would be the preceding Friday. In order to file for a homestead exemption, the owner of the property must be a full-time resident and be the one to apply for the exemption.
When filing, individuals need to provide the following information:
- Copy of the warranty deed
- Social Security numbers of both spouses
- Settlement Statement showing full purchase price of house and land
- Tag numbers of all vehicles in your possession
Once a homestead exemption is approved by the Mississippi Department of Revenue it will not need to be applied for again. The only reasons an individual would need to re-file would be a change of residence, death of a spouse, divorce, separation, marriage, becoming 65 years of age or becoming a 100% disabled veteran.
Individuals who are 65 years old, are 100% disabled or a 100% disabled veteran have the ability to apply for a different type of homestead exemption. This exemption, along with only taxing 10% of your assessed property value, exempts you from paying the first $75,000 assessed on your property.
What to bring when applying:
- 65 and over: Driver’s license or birth certificate
- 100% disabled: Medicare card, letter from the Social Security Administration with original date declared, or two detailed letters from two different doctors stating that you are 100% disabled
- 100% disabled veteran: letter from Department of Veterans Affairs