Section 35-6-03-06-101.03 - Limits1. Exemption is limited to the first seven thousand five hundred dollars ($7,500) of assessed value on homestead property. Any assessed value over the first seven thousand five hundred dollars ($7,500) does not have any exemption and the full amount of taxes must be paid on the balance. The assessed value limit includes the land and all buildings and improvements attached to the land. The seven thousand five hundred dollars ($7,500) limit includes all parcels claimed by an applicant. The amount in column 7 or column 11 must not exceed this seven thousand five hundred dollars ($7,500) limit when all parcels are totaled.
2. Another limit has to do with the number of acres that a homestead exemption claim can include. All homestead property has a limit of one hundred sixty (160) acres when all parcels are totaled.35 Miss. Code. R. 6-03-06-101.03