Keeping more hard-earned money helps homeowners across the county, and the Homestead Exemption can help do just that. Panola County Tax Assessor and Collector O’dell Draper said  the exemption is “a privilege offered to eligible taxpayers by the State of Mississippi.”

Friday, March 31, is the last day for signing Homestead Exemption. If you have signed in the past and have no changes you will not have to sign a new form.

The Homestead application process opened on Jan. 3 and will remain open March 31. This time period is set by State statute and is the same for all 82 counties. 

To apply for first time, you must visit the Tax Assessor office at either the Batesville or Sardis Courthouses and bring following documents:

* A copy of your recorded warranty deed.

* Mississippi car and/or truck tag numbers.

* Social Security cards for you and your spouse, if married.

Homestead is only for full-time residents of Panola County. To qualify you must have a Mississippi driver’s license and car tags, pay state income tax, and be a registered voter of Panola County.

Draper said his office accepts the applications but the decisions to grant and disqualify them are made by the Mississippi Department of Revenue. Some reasons you can be disqualified for homestead include:

* Owing Mississippi income tax.

* Claiming to be a resident of another state when assessed with income tax.

* Having homestead on any other property in the county or in any other state. You must be living full-time on the property receiving the exemption.

Keep in mind if your homestead is disqualified by the State, you will be charged the amount of credit or discount you may have received in a prior year the following year. This is called a chargeback and will be reflected on your tax statement.

The penalties that can be imposed for a fraudulent Homestead Exemption includes the additional assessment of double the amount of taxes lost due to a fraudulent claim, a misdemeanor charge, and a charge of perjury, which is a felony, a fine of up to $5,000, and imprisonment of up to two years or a combination thereof.