With the Mississippi Homestead Exemption, homeowners are free from paying property taxes on up to $75,000 of the value of their home. In other words, if your house is worth $100,000, you will only have to pay property taxes on $25,000 of that amount. The homestead exemption can result in annual property tax savings for homeowners of hundreds or even thousands of dollars. How Much Money Can You Save With a Homestead Exemption?
Each state has a different cap on how much you can save using a homestead exemption. The homestead exemption in Mississippi allows homeowners to avoid paying up to $750 in property taxes each year. Your home’s valuation and the county’s property tax rate will determine just how much you can save. What is Required to File a Homestead Exemption Application?
You must present evidence of ownership and residency in Mississippi in order to apply for a homestead exemption. A copy of your deed or mortgage statement, as well as a utility bill or other document with your present address, are examples of what qualifies. The county tax assessor’s office can provide you with an application form, which you must also complete.
The Mississippi Homestead Exemption is a useful tool for safeguarding your home from financial issues, to sum up. You can save hundreds or even thousands of dollars a year on property taxes by having up to $75,000 of the value of your home exempt from taxation. You must submit documentation of ownership and residency together with an application form to request a homestead exemption. For additional information on how to apply for a homestead exemption in Mississippi, get in touch with your county’s tax assessor’s office.