Homestead exemption; increase.

SB 2992 increases Mississippi's homestead property tax exemption from $7,500 to $20,000 of a home's assessed value. This directly affects qualifying homeowners, including heads of families, seniors aged 65+, service-connected disabled veterans, and individuals with federal disability status, who can exempt the first $20,000 of their home's value from property taxes. The bill amends existing tax code sections to raise the exemption limit and clarifies eligibility rules for joint ownership and specific tax categories like school levies. It does not change how exemptions are claimed or affect property values beyond the new $20,000 threshold. The bill died in committee in 2025 and did not become law.