Thursday, July 24, 2014
   
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The Tunica Times • P.O. Box 308/986 Magnolia Street, Tunica, MS 38676

Seniors have tax advantage


Growing older may not be cause for celebration, but if a taxpayer was born in 1947 and turned 65 last year, there’s one bit of good news: he or she qualifies for an additional exemption from ad valorem taxes assessed to property they own.
The state of Mississippi offers all eligible taxpayers a regular exemption from ad valorem taxes – with limits. The exemption is limited to the first $7,500 of assessed value of the property, but it is capped at a maximum of $300.

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