Mississippi Senate Bill SB2923

Mississippi 2023 Regular Session

• Introduced: 1/27/23
• Refer: 1/27/23
• Failed: 2/22/23

Caption

Ad valorem tax; exempt real and personal property belonging to persons aged 65 years or older.

Impact

The enactment of SB2923 would modify existing tax laws to extend more comprehensive protections for seniors in Mississippi. This could potentially lead to a significant decrease in tax revenue from property taxes, prompting discussions about the implications for state and local budgets. Adjustments in tax collection will be necessary as municipalities may experience funding shortfalls that could affect public services and infrastructure. Proponents argue that the benefits of increased disposable income for seniors would offset these concerns by increasing their ability to participate economically in the community.

Summary

Senate Bill 2923 proposes an amendment to Section 27-31-1 of the Mississippi Code of 1972, aimed specifically at exempting all real and personal property owned by individuals aged 65 years or older from ad valorem taxes. This legislative initiative is designed to provide financial relief to senior citizens, particularly in light of rising living costs and economic pressures affecting this demographic. By exempting their property from taxation, the bill attempts to enhance the financial security of older residents, allowing them to retain more of their income for essential expenses.

Contention

Notable points of contention surrounding SB2923 may arise primarily from the impact on local governments and their ability to fund essential services. While supporters emphasize the importance of providing tax relief to seniors, critics may highlight the potential negative effects on public programs that rely on property tax revenues. Additionally, questions about the definition of 'property' and the necessary verification mechanisms to ensure only eligible individuals benefit from this exemption could lead to further debate within legislative discussions.