Under the Mississippi Homestead Exemption Law (Miss. Code Ann. §27-33-1 et seq.), all of the following statements about the homestead exemption are correct EXCEPT:

Correct Answer

D) The exemption reduces the true (appraised) market value of the property by $75,000 for tax purposes.

Option D is the incorrect statement and therefore the answer to this EXCEPT question. The Mississippi homestead exemption reduces the ASSESSED VALUE by $7,500, not the true (appraised) market value. While it is true that a $7,500 reduction in assessed value is equivalent to a $75,000 reduction in true value (because residential property is assessed at 10% of true value), the exemption itself is applied to assessed value. Saying the exemption 'reduces the true market value by $75,000 for tax purposes' is a misleading and legally inaccurate statement of how the exemption operates under Miss. Code Ann. §27-33-1 et seq.