Homestead exemption is a law passed by the Mississippi legislature in 1936 to give homeowners a reduction on their property taxes. To receive this tax break you must:
- File a homestead exemption application between January 1 and April 1
- Be a legal resident of the state of Mississippi
- Be current on your state of Mississippi income tax
- Be in compliance with the road and bridge privilege tax law
- Be an owner and occupant of the property
The right to the exemption shall be determined according to the facts existing on January 1 of each year.
In 1994 the law was changed to one time filing of homestead exemption, which means that once you file homestead exemption you do not have to re-file unless you have had one of the following changes in the preceding year:
- Change of ownership of your property
- Marital status (if you were separated, divorced or married during the preceding year)
- Use or occupancy (if you no longer occupy this house or rent any part)
- Purchased another home
- New residents of Greene County who purchased a home must file a new application
- If you became sixty-five years of age or disabled (bring proof of age or disability)
- Death of a spouse
When Filing Homestead Exemption For The First Time You Must Bring:
- All deeds to your property (it has to be the recorded instrument - warranty deeds or quit-claims -- NOT the Deed of Trust)
- Car tag numbers for all vehicles owned by you or in your possession. (If you have tags other than Greene County, you must change them before you can file).
- Social Security numbers for you, your spouse and any joint owners.
- Birth dates for you, your spouse and any joint owners.
- Purchase price of home.
- Amount of down-payment or equity.
- Purchase price of land, if you purchased it separately from the home.
- If you built your home yourself, we need to know what it cost you to build it.
- If you live in a mobile home on your property, you must bring your mobile home registration certificate.
- If you are 65 years of age or older, you need to bring proof of age, such as a driver's license or birth certificate.
- If you are 100% disabled, you should inquire as to what you should do.
The two types of homestead exemptions are regular and special homestead. If you receive regular homestead exemption, you get a dollar amount taken off your taxes based on the value of the property. Special homestead exemption is for individuals over the age of sixty-five or disabled. You must bring proof of your age or disability and re-file your homestead exemption to receive these additional breaks. The special homestead exemption provides an exemption up to $75,000 of value on homeowner's property. This means that if your property appraised at $75,000 or less you would not have to pay any taxes. If your property is appraised above $75,000 you only pay taxes on the amount above $75,000.