Local homebuyers in Madison County, Mississippi, can take advantage of tax savings through the state's Homestead Exemption program. This program offers a reduction in property taxes for eligible homeowners. To qualify, you must own and occupy your home as your primary residence on or before January 1st of the current year. Applications are accepted annually between January 1st and April 1st. For more details and to access the application worksheet, visit the Madison County Tax Assessor's website.
Additionally, Mississippi offers a First-Time Home Buyer Savings Account program, allowing individuals to deduct up to $2,500 annually from their state adjusted gross income, and couples filing jointly can deduct up to $5,000. Interest earned on these accounts is also exempt from state gross income. These funds can be used for down payments and other home purchase-related expenses. For more information, refer to the Mississippi Department of Revenue's guidelines.
By utilizing these programs, Madison County residents can achieve significant tax savings when purchasing a home.
