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

HB 1868 increases the property tax homestead exemption for Mississippi homeowners aged 65 or older or who are totally disabled. The bill amends Section 27-33-75 to raise the exemption amount based on the assessed value of a home, using a tiered table (e.g., $6 for $1-$150 value, increasing to $300 for values over $7,350). This exemption reduces ad valorem taxes on the home's assessed value, split equally between school district and county general fund taxes. It directly affects qualifying seniors and disabled homeowners by lowering their annual property tax burden. The change applies to all eligible homeowners who meet the age or disability criteria under the existing homestead exemption rules.