HB4007

Mississippi HB4007 would increase homestead exemption for lineal descendants of previous owners of homestead property.

Mississippi HB4007 amends Section 27-33-75 of the Mississippi Code to provide an additional exemption from ad valorem taxes for qualified homeowners who are lineal descendants of previous owners of homestead property. This exemption applies to the increase in the assessed value of the homestead property resulting from a subsequent update in valuation, provided the property has been owned by the lineal descendants for at least fifteen consecutive years.