HOMESTEAD EXEMPTION REQUIREMENTS:

1 .Homestead applications are taken annually between January 1st and April 1st.
2. You must own your home and reside there on or before January 1st of the current year to be eligible for homestead ---------------exemption.
3. Your Deed or Lease must be signed by December 31st and on file in the Bolivar County Chancery Clerk’s office by January --- 7th of the current year.
4. You must be a legal resident of Mississippi.
5. You must purchase Mississippi license plates for all vehicles owned.
6. You must comply with Mississippi income tax requirements
7. If your home is a mobile home, you must certify your mobile home to the land roll for taxation. MISS CODE 27-53-15 /HB824 ---1982

 

The following information will be needed in order to complete your homestead exemption application. Bring these items with you when filing:

1. Deed, will, or assignment of lease.

2. Full purchase price. (Closing statement)
3. Down payment amount. (Closing statement)
4. Over 65 exemption. You must provide proof of age. (Birth certificate or valid drivers license)
5. Social Security disability. You must bring a current year letter from social security administration. 
6. Disable veteran (100%) service connected. Must provide proof.(Letter from Veterans Administration with claim#)
7. Social Security numbers. Husband and wife – must have both social security numbers Occ-joint ownership – must have all ---parties social security numbers
8. Mobile Homes must be certified to the Land Roll. Bring with you the Bill of Sale or Application for Title for the Mobile Home.
9. Tag numbers for all automobiles titled in your name, spouses or occ-joint owner.

 

If there has been a change in your homestead exemption as a result of one of the following reasons, you must come to the Tax Assessor’s office and re-sign your homestead application between January 2nd through April 1st.

 

1. Purchased or built a new home
2. Death of a spouse
3. First time filing for over 65 or 100% Disabled (Bring proof)
4. New deed on filed with Chancery Clerk.
5. Sold part of property
6. Add property to current exemption
7. Change in marital status (Separated, divorced, married)
8. Bought or sold property relating to your homestead
9. Change in property status (Renting part of home or business in home)

 

Failure to follow the above requirements will result in loss of homestead exemption.

 

Mississippi Motor Vehicle Ad Valorem Taxes

Mississippi owners of vehicles with a Gross Vehicle Weight (GVW) of 10,000 lbs or less must pay motor vehicle ad valorem taxes on their vehicles at the time of registration. Motor vehicle ad valorem tax is based on the assessed value of the vehicle multiplied by the millage rate set by the local county government. (Contact your local county tax collector for the millage rates.) Assessed value has been established as 30% of the Manufacturer’s Suggested Retail Price plus a reduction of a certain percentage for depreciation over 10 years. A minimum assessed value is set at $100.00 for passenger vehicles. This ad valorem tax is revenue used by the local governments. Any exemptions of the motor vehicle ad valorem tax are found in Section 27-51-41 of the Mississippi Code of 1972, Annotated.

 

Motor Vehicle Ad Valorem Tax Reduction Fund

In order to provide a tax break to the registered owners of Mississippi motor vehicles, the 1994 Mississippi Legislature authorized a credit to the owners in the amount of 5% of the assessed value of the motor vehicle. This credit eased the tax burden of the individual, however it created a loss in revenue to the local governments. Therefore, the Legislature created a fund to reimburse the local governments for this tax loss called the Motor Vehicle Ad Valorem Tax Reduction Fund. The revenue generated from the sales tax on motor vehicles goes into the fund. The tax loss created each month from vehicle registrations provides the figures used to reimburse the local governments each month. Every year the State Tax Commission must calculate the credit percentage based on the balance in the fund, the estimated sales tax revenue and the estimated tax loss to the local governments for the coming year. The intent of the Legislature was to maintain a minimum balance in the fund and a maximum credit to the owners.

 

Ad Valorem Tax

For purposes of assessment for ad valorem taxes, taxable property is divided into five (5) classes and is assessed at a percentage of its true value as follows:

 

CLASS DETERMINATION                                                                                                                           TAX RATE

Class I            Single-family owner-occupied, residential real property                              10%

Class II           All other real property, except real property in Class I or Class IV              15%

Class III          Personal property, except motor vehicles and Class IV property               15%

Class IV          Public service property assessed by the state or county except                30%

                        railroad and airline property

ClassV           Motor vehicles                                                                                                      30%

 

In arriving at the true value of real property, the appraised value is to be made according to current use of property regardless of location. Laws provide a special mode of valuation and assessment for public service and railroad property not situated wholly in one county. All such property is assessed in proportion to its value according to its class, and no county or tax authority, is denied the right to levy county or other taxes upon such assessment as in other cases of property situated and assessed in the county. For the assessment of motor vehicles, laws provide a special mode of valuation, fixing the taxable year, date of tax lien, and method and date of assessing and collection taxes