Homestead

Many people are buying new houses in Mississippi this time of year.  Additionally, many recently divorced clients bought new houses at the end of last year.  They can get their property taxes lowered on the house they live in by filing for homestead.  Here is what you have to do to file for homestead:

To apply for homestead exemption for the first time, you need to go to the County Tax Assessor between JANUARY 2^nd and APRIL 1^st and bring the following:

                 1)  A copy of your RECORDED WARRANTY DEED (this instrument will be mailed

to you after recording).

2)  Your Mississippi car or truck TAG NUMBERS.

3)  Your SOCIAL SECURITY NUMBER and spouse’s, if applicable.

4)  Your SETTLEMENT STATEMENT, (closing statement).

If you are over 65 years of age, bring all the above items and your proof of age, to qualify for additional tax exemption.

100% disabled individuals qualify for the tax exemption before the age of 65. You will need to bring proof of disability from the Veteran’s Administration, Social Security, or Railroad Retirement, etc Disabled American Veteran’s must also bring DAV claim number.

It is only necessary to file for homestead exemption one time, unless there is a change in the ownership of the property.

If the property is new construction, you may ask the clerk to estimate the taxes at the homestead rate. Notify your lender if your taxes are paid into an escrow account so that any necessary adjustments  can be made. (Get a letter from them with the new tax amount).