Homestead exemption was first established in Mississippi during the Special Legislative Session of 1938.  At that time the purpose of providing homestead exemption benefits was "to recognize and give effect to the principal of tax-free homes as a public policy in Mississippi, to encourage home building and ownership, and give additional security to family groups."

Homestead exemption benefits are available to any property owner who meets the requirements of the homestead exemption laws of Mississippi and the rules and regulations of the Mississippi State Tax Commission.  Applying for and being eligible to receive homestead exemption benefits entitles the property owner to receive a tax credit of up to $300.00 on his residential property taxes.  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.

Mississippi Code of 1972   27-33-3

1. Must be in compliance with all of the following as of January 1 of the year application is made:
2. Applicant must be considered head of a family
3. Applicant must own the property and reside on the property on January 1 of the year the application is made
4. Property must be the primary residence of the applicant(s)
5. Applicant, applicant's spouse, and any joint owners must be bona fide residents of the state
6. Applicant(s) must be in compliance with the Mississippi income tax requirements
7. All vehicles owned by or in the possession of the applicant(s) must have Mississippi license plates
8. Applicant(s) can file for homestead  exemption on only one residence in the state

Application for homestead exemption benefits must be filed between January 1 and April 1.  Your must come in person to the Tax Assessor's office the first time you file for homestead exemption benefits.  Each year after that your homestead exemption benefits  are automatically renewed unless there has been a change  in your filing status.

If any of the following changes occur, you must file a new application in the Tax Assessor's office:

1. Marriage, divorce, separation, or death of spouse or joint owner
2. Change in ownership, use, or occupancy
3. Acquisition of new property or change in property description
4. First time to apply for being over sixty-five years of age or 100% disabled

If you no longer qualify for homestead exemption benefits, you must notify the assessor's office.

Failure to notify the tax assessor's office of changes in the status of the homestead may result in a fine up to $5,000 or two years imprisonment, or both.

When an individual who is eligible for homestead exemption benefits becomes sixty-five years of age or 100% disabled, the individual is eligible to apply for an additional homestead exemption benefit.  The individual should come to the Tax Assessor's office to apply for the additional benefit in January, February, or March after becoming sixty-five or 100% disabled.

After filing for the additional benefit, the additional tax credit is applied to the taxes due at the end of the year.

Generally, when an individual who is filing for homestead exemption is over sixty-five or 100% disabled, he is totally exempt from taxes on 160 acres or approximately $75,000 appraised value, whichever limit is reached first.  If the property exceeds 160 acres or $75,000 in value, the individual must pay taxes on the excess acreage or value.