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

HB 1255 increases the homestead property tax exemption for Mississippi homeowners aged 65 or older. Starting January 1, 2026, qualifying seniors will receive an exemption covering up to $12,500 of their home's assessed value (up from the current $7,500 limit for this group). This applies to primary residences (homestead property) and reduces property taxes levied for both school districts and county general funds. The change affects Mississippi residents aged 65+ who own and occupy their primary home as of the tax year.