What is homestead exemption?
In Bolivar County, you can receive a reduction in the amount of your property taxes when you file for homestead exemption on your primary residence. There are three types of homestead exemption - regular, "double", and disability.
Regular exemption is for anyone under 65, and qualifying homeowners will receive a maximum exemption of $300. A double exemption is for anyone over the age of 65. Double homestead and disability homestead exemptions are based on the assessed value of your home. Homeowners qualifying for double or disability homestead will pay no taxes on any property assessed at $75,000 or less (this classification will still be required to pay certain assessments for levee and drainage).
For more information regarding homestead exemption in Bolivar County, call 662-843-3926.
When do I sign up?
You need to sign up between January 1 and April 1, the year after your purchased your home. So if you bought your home in 2007 or before, and have not yet signed up for homestead exemption, you will need to go before April 1 of this year.
Do I need to sign up every year?
No, once you file, the exemption is yours until you sell your home. You may need to re-file if you become divorced during your ownership, if your spouse dies, or if a co-owner deeds you their "share" of the property.
I signed up for homestead in a previous year, but there was no adjustment in my taxes?
It is likely that the person you purchased your home from had also filed for homestead exemption, and you enjoyed the benefits of their exemption the remaining part of the year in which you purchased your home. Filing for your exemption will keep your taxes from increasing. Also, in the situation where you bought your home from someone over 65, you enjoyed their double exemption for part of a year, but you need to be aware that your taxes will increase somewhat simply because you are younger.
How do I file for homestead exemption?
You need to take the following information to the tax assessors office in your county (located inside the courthouse):
Owner's name and SS#
Spouse's name and SS#
Mailing & Physical address
Copy of the recorded deed that was given to you by the seller your purchased your house from. (This can be found by going to the Chancery Clerk's office).
Current auto tag numbers of all vehicles in your possession.
They may also ask for details of your purchase, such as purchase price, interest rate, & amount of your downpayment, but Mississippi is a non disclosure state.