Mississippi Sample Letter concerning Free Port Tax Exemption
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How to fill out Sample Letter Concerning Free Port Tax Exemption?
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FAQ
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.
A person requesting homestead exemption must make a written application, must be a natural person, the head of a family, have ownership and eligible property, occupy the dwelling as a home, and be a Mississippi resident. Each of these requirements are discussed in detail.
Mississippi owners of vehicles with a Gross Vehicle Weight (GVW) of 10,000 lbs or less must pay motor vehicle ad valorem taxes on their vehicles at the time of registration. Motor vehicle ad valorem tax is based on the assessed value of the vehicle multiplied by the millage rate set by the local county government.
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.
If the owner of the property does not pay the taxes within 2 years from the purchase date the purchaser can acquire the property.
Mississippi law allows eligible warehouses, public or private, a license to operate as a free port warehouse and be exempted from all ad valorem taxes on personal property shipped out of state.
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.
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 65 years or older and persons who are totally disabled, who are otherwise eligible for homestead exemption, are exempt from taxes on the first $75,000 of true value on their home.
Homestead Exemptions 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 pre- scribed in MS Code §27-33-7.