Mississippi Special Improvement Project and Assessment
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How to fill out Special Improvement Project And Assessment?
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FAQ
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.
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.
The Homestead Exemption Law was enacted by the Mississippi Legislature to ease the tax burden on citizens who own and live in their own homes. If a citizen qualifies for homestead exemption, the State of Mississippi exempts part or all of their ad valorem tax bill on qualifying property.
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.
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.
(True value x Assessment Ratio x Millage Rate = Taxes) The true value of the property is multiplied by the appropriate assessment ratio to determine the assessed value. The assessed value is multiplied by the local property tax rate, or millage rate, to determine the property taxes owed.
The exemption is from all ad valorem taxes assessed to property, limited to the first seven thousand five hundred dollars ($7,500) of assessed value, and limited to three hundred dollars ($300) of actual exempted tax dollars.