Mississippi Administrative Code › Title 35 - Department of Revenue › Part 6 - Property › Subpart 03 - Homestead Exemption › Chapter 06 - Property › Section 35-6-03-06-103 - JOINT OWNERSHIP › Section 35-6-03-06-103.01 - By inheritance

Current through June 25, 2024
This type of jointly owned property is the result of an
						inheritance, either with or without a will. The property is considered an
						estate. An estate is treated as undivided for homestead exemption purposes
						until the property has been distributed with fee title or life estate to the
						various heirs. If some part of the undivided estate is distributed to an heir
						or to a purchaser, that part is removed from the undivided estate. If by
						exchange of deeds, court decrees, or any other process, each of the heirs is
						given fee title to parts of the estate, such parts will be taken away from the
						undivided estate. Undivided estate property claimed for homestead exemption can
						not be combined with any other land, except in the case of a surviving spouse.
						A surviving spouse can combine individually owned property with undivided
						estate property. The property limits of one hundred sixty (160) acres and seven
						thousand five hundred dollars ($ 7,500) of assessed value will remain.
1. One files
The heirs of the undivided estate can elect to file for
						one homestead exemption on the entire undivided estate. The requirements for
						homestead exemption eligibility must be met. The estate must be undivided. If
						that election is made, all heirs must agree and proof of such is to be attached
						to the application. The proof needed is Form 72-049, Election to File One
						Homestead. The form is provided by the Tax Commission. When the election to
						file for one homestead exemption is made, no other claim may be filed on that
						undivided estate for that year. The election to file for one homestead
						exemption does not prohibit the heirs from filing separately in later
						years.
2. More than one
					 files
Any one of the heirs who meets homestead eligibility
						requirements can file for homestead exemption on their inherited portion. The
						home occupied by the surviving spouse has preference over the homes of any
						other heirs. If the surviving spouse filed for homestead exemption, that
						portion is deducted from the rest of the undivided estate. The other heirs must
						share equally in the remainder. If more than one heir files for exemption on
						the undivided estate, the election to file for one homestead exemption later is
						not prohibited.
3.
					 EXAMPLES:
a. Husband dies leaving wife and
					 two (2) children. Wife lives on property and all heirs elect to file for one
					 homestead exemption. Title is still held by the estate. Wife remarries. Wife
					 dies leaving husband number 2 living on the undivided estate. Heirs can still
					 elect to file for one homestead with husband number 2 as the
					 applicant.
b. Same details as in
					 number 1 except all heirs have now received their portion of the undivided
					 estate in fee title. Husband number 2 and each child receive full exemption on
					 their portion.