Patricia owns a home in Jackson, Mississippi that she uses as her primary residence. The county tax assessor has determined the property's true value to be $150,000. Patricia has qualified for the Mississippi homestead exemption. What is the assessed value of her property AFTER applying the homestead exemption?

Correct Answer

A) $7,500

Under Miss. Code Ann. §27-33-1 et seq., Mississippi's homestead exemption reduces the assessed value of a qualifying owner-occupied primary residence by $7,500. First, the assessed value is calculated: $150,000 true value × 10% assessment ratio = $15,000 assessed value. Then the homestead exemption is subtracted: $15,000 − $7,500 = $7,500 net assessed value. The exemption applies to assessed value, not true value.