Section 35-6-03-06-104.01 - Rented propertyRented property includes rooms within a home being rented and also entire homes being rented. The amount of exemption and reimbursement due is determined by how many rooms are being rented. An apartment is counted as three (3) rooms. Sharecropper or tenant homes are not considered to be rented when only a share of the agricultural crop is given in consideration.
1. allowed a. Property occupied by a family group that keeps no more than eight (8) boarders or paying guests is eligible for full exemption.b. Property occupied by a family group where no more than four (4) rooms are rented or are available for rent is eligible for full exemption.2. allowed in part a. Property consisting of four (4) apartments, where one apartment is occupied by the family group that owns the home and the other apartments are rented is eligible for one-fourth (1/4) of the exemption allowed.b. Property occupied by a family group where five (5) or six (6) rooms are rented or are available for rent is eligible for one-half (1/2) of the exemption allowed.3. disallowed a. Any property that is rented in its entirety does not qualify for homestead exemption.b. Property occupied by a family group where more than eight (8) boarders are kept is not eligible.c. Property occupied by a family group where more than six (6) rooms are rented or are available for rent is not eligible.35 Miss. Code. R. 6-03-06-104.01