Lt. Gov. Phil Bryant says he supports a proposal to increase the homestead exemption for persons over 65 or the totally disabled from the current $75,000 level to $100,000.
Bryant’s proposal would also adjust the homestead exemption that applies to all other homeowners.
Under homestead exemptions, the state encourages people to own homes by exempting the houses from some property taxes. The state reimburses the counties and cities for lost tax revenues.
Under state law, for homeowners 65 years of age or totally disabled, there is an exemption on the first $75,000 true value.