State Senate passes increased Homestead Exemption

Jackson, MS (WLOX) Seniors and the disabled, many of whom have limited or fixed income, will benefit from legislation that passed the State Senate today.

"This is a great piece of legislation aimed at helping our Seniors," stated Lt. Governor Phil Bryant. "In troubled economic times, the greatest stimulus we can provide as elected officials is a tax cut and I trust the House of Representatives will join us in helping thousands of Mississippians," said Bryant.

Under Senate Bill 2300 persons over 65 or totally disabled will see an increase in Homestead Exemption from the current $75,000 level to $100,000. SB 2300 applies to seniors in counties that have completed a reappraisal of Class 1 property after January 1, 2008.

Speaking on behalf of the legislation was bill author Senate Pro Tem Billy Hewes who said, "In this time of economic uncertainty, we took a great step today toward reducing the tax burden on our senior citizens." Joining the Lt. Governor in supporting this Homestead Exemption increase were the Homebuilders Association of Mississippi, AARP, and the Realtors Association.