Homestead exemption; increase for persons 65 years of age or older.

HB 913 increases the homestead property tax exemption for Mississippi homeowners aged 65 or older. It raises the cap on taxable value from $7,500 to $12,500 for qualifying seniors, meaning they pay no property taxes on the first $12,500 of their home's assessed value. This applies to primary residences owned by seniors who reached age 65 by January 1 of the tax year, effective January 1, 2027. The exemption covers all ad valorem taxes (property taxes), with half allocated to school districts and half to county general funds. It directly benefits older Mississippi homeowners seeking relief from property tax burdens.