35 Miss. Code R. § 6-03-01-101
Homestead Exemption is a privilege offered to eligible taxpayers by the State of Mississippi. The exemption is not granted automatically. An application must be filed and each taxpayer must qualify for the exemption. There are two types of exemptions regular and additional.
The regular exemption is given to all eligible taxpayers. The exemption is from all ad valorem taxes assessed to property, limited to the first seven thousand five hundred dollars ($7,500) of assessed value, and limited to three hundred dollars ($300) of actual exempted tax dollars. Any ad valorem taxes imposed on the assessed value of property over the first seven thousand five hundred dollars ($7,500) must be paid. Assessed value is determined by the tax assessor of the county in which property is located. Homestead property is usually classified as Class 1 property with a 10% assessment rate; however, if any income producing activity is located on the property, it may be classified as Class 2 with a 15% assessment rate. Class 1 property is not necessarily homestead property.
Any taxpayer that qualifies for the additional exemption has an even greater exemption offered to them. The requirements for the additional exemption are detailed in Rule 3 - Applicant. The exemption is from all ad valorem taxes assessed to property, limited to the first seven thousand five hundred dollars ($7,500) of assessed value. No dollar limit is placed on the actual exempted tax dollars. Any ad valorem taxes imposed on the assessed value of property over the first seven thousand five hundred dollars ($7,500) must be paid.
35 Miss. Code. R. § 6-03-01-101