Statutes, codes, and regulations
Mississippi Administrative Code
Title 35 - Department of RevenuePart 6 - PropertySubpart 03 - Homestead Exemption
Chapter 05 - OWNERSHIP
Section 35-6-03-05-101 - FEE TITLE

35 Miss. Code. R. 6-03-05-101

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Current through December 10, 2024
Section 35-6-03-05-101 - FEE TITLE

This type of title is most common. It is considered inheritable title. It can be obtained by purchase, gift or inheritance. Fee title can be held individually or jointly. Three (3) types of fee title are mentioned in Section 27-33-17(a).

1. Absolute

This type of title is not restricted. It is held by a single individual. When a person holds absolute title, it is indicated on Question 6 of the application as Fee.

2. Life Estate

This type of ownership has a special condition. A person can deed property to another and retain a life estate interest in that property. As long as the person with the life estate interest is living, that person has rights and privileges to that property. Only the person with the life estate interest is eligible for homestead exemption. It is possible for more than one person to have a life estate interest in property. In this instance, they will be treated as joint owners with each having his proportional share in the exemption.

3. EXAMPLES:
a. A mother deeds her property to her son and retains a life estate interest in it. She goes to live with her daughter and her son lives on the property. Until the life estate interest is removed, only the mother has an eligible ownership interest. Since she does not live on the property herself, no one is entitled to the exemption.
b. Property is deeded to a grandson with a life estate interest given to the grandfather and the great uncle. Only the grandfather lives on the property. The grandfather would be treated like a joint owner and eligible for an exemption on one-half (1/2) of the total assessed value of the property.
4. Joint Owners

Under this type of title, more than one person shares in the ownership of property. These owners may or may not be related. There is no limit to the number of owners one piece of property can have. If property is jointly owned, any one of the owners who meets all the requirements may file homestead exemption equal to his proportional share; however, only one may file for the homestead property. If these joint owners are related within the third degree, only one application should be filed. These owners would be eligible for full exemption. Homestead exemption law discusses two types of joint owners, through inheritance and through purchase. These differences are detailed in Title 35 of the Mississippi Administrative Code, Part VI, Subpart 2, Chapter 6.

35 Miss. Code. R. 6-03-05-101