Homeowners have until March 31 to file for a homestead exemption, which may help lower their annual tax bills.
Darlene Bane, Winston County Tax Assessor noted qualified homeowners may fall into one of three exemption categories, based on age, disability or veteran status. They may be eligible for a substantial tax exemption if they met these requirements on Jan. 1.
• Applicants must be considered head of a family.
• Applicants must own the property and reside on the property on Jan. 1 of the year the application is made.
• Property must be the primary residence of the applicants.
• Applicants, their spouse and any joint owners must be bona fide residents of the state.
• Applicants must be in compliance with Mississippi income tax requirements.
• All vehicles owned by or in the possession of the applicants must have Mississippi license plates from the county in which they apply.
Applicants can file for a homestead exemption on only one residence in the state.
Darlene Bane, Winston County Tax Assessor explained Homestead is not granted automatically. It is a privilege offered only to qualified taxpayers by the state of Mississippi. In order for a person to receive a credit he/she must complete an application for homestead exemption in the tax assessor’s office. This exemption is only granted to single-family, owner occupied dwellings. Applications are only accepted from January 1st to April 1st of each year. With the Good Friday holiday being the last Friday in March, applications will only be accepted through Thursday, March 29th this year.
She added, "Some taxpayers are under the misconception that once a person turns 65 he or she will no longer owe any taxes. However, this is not the case. Individuals over the age of 65 as well as taxpayers who are on disability are exempt on the first $7500 of assessed value. As a general rule, If a home has a value of over $75,000 the taxpayer will pay some taxes."
Around 400 applications are accepted by our office each year. Some of these are from new homeowners. Others are applications due to a life circumstance such as a death of a spouse, a divorce, or reaching the age of 65. Those who have questions concerning the status of their homestead exemption are encouraged to contact our office for a review before the deadline of March 29th.
“They must reapply if they purchase a new home, change the use of the property, a spouse dies, they turn 65 or become 100 percent disabled, they experience a change in marital status, or they experience a change in where they live, called a change in home occupancy,” said Darlene Bane, Winston County Tax Assessor.
Vital Role
Property taxes play a vital role in Mississippi communities by funding education, fire protection, law enforcement, recreation and infrastructure.
To learn more about homestead exemption or apply for a homestead exemption, call or visit the county tax assessor’s office at (County tax assessor address and phone number. The tax assessor of the county in which the property is located determines the property’s assessed value.
Understanding property taxes
In Mississippi, property tax revenues are used to fund the following:
• 903 public schools in 151 school districts,
educating 492,847 students (source: Mississippi Department of Education)
• 237 public libraries (source: Mississippi Library Commission)
• 15 community and junior colleges (source: Mississippi Community College Board)
• The general services provided by all 82 county and 298 municipal governments in Mississippi
Property tax revenues in Mississippi play a large role in government on the county and municipal levels. While many citizens may not clearly understand how their property tax bill is derived, it is important that they are informed about where their property tax payments are going and what services these payments are funding. Property tax revenues provide the people of Mississippi with needed public services at the local level, including infrastructure, recreation, education, and police and fire protection.
These services, funded through ad valorem taxes, provide Mississippi taxpayers a good return on their investment. This understanding of ad valorem taxes will lead to better engagement between citizens and local taxing districts, fostering a better overall quality of life for the state.
