Homestead Exemption – Why File?

Lafayette County Chancery Building located on North Lamar Blvd.

It’s the first of the year and we always make sure to remind our buyers from the previous year to file for homestead exemption at their local county office (Lafayette, Yalobusha, etc.). We are all told by our closing attorneys at the closing table that homestead exemption saves you a great deal of money on your property taxes, but that’s not the only reason to file! The Mississippi Bar association explains another reason for filing for homestead exemption – it keeps a certain portion of your “homestead” exempt from creditors. The homestead law’s intent is to keep families on their property. You can read more here.

Filing is an easy process and you only have to file one time, unless you move or turn 65 years old. You must file between January 3rd and April 1st of each year. When filing, you will need to bring a copy of your warranty deed, social security numbers of both spouses, your closing settlement statement showing the full purchase price of your house or land, and the tag numbers of all vehicles in your possession. Lafayette county residents can find more info here. Yalobusha county residents can find more info here.

Don’t forget – file before April 1st!