Section 35-6-03-06-103.02 - By Purchase, etcThis type of joint ownership includes all other means by which ownership is obtained, except inheritance. The term joint owner includes tenants in common and joint tenants for homestead purposes.
1. One dwelling There are four (4) cases of joint ownership and a single dwelling.
a. Husband and wife Jointly owned property by a husband and wife is eligible for full exemption on the entire property, if the husband and wife are living together. If they are separated, only jointly owned property that is the home at the time of separation is eligible for full exemption. Any other jointly owned property of a separated person is ineligible for homestead exemption purposes.
b. Related single persons Jointly owned property by a group of related persons as defined by Section 27-33-13(f) is eligible for full exemption on the entire property if all persons in the group have the same type of title. Only one member of the group can file.
c. Unrelated single persons Jointly owned property by two or more persons who do not fall under the definition of Section 27-33-13(f) or who are not married is eligible for one exemption based on the proportionate share of the applicant's ownership.
d. Duplex (2 apartments) Jointly owned property by two persons consisting of two (2) apartments, such as duplex, when each owner occupies an apartment or side is eligible for full exemption for each owner on their equal share of the assessed value of the property.
e. EXAMPLES: i. Husband and wife, living together, own a home assessed at $15,000. That home is eligible for one exemption limited to $7,500.
ii. Separated husband and wife jointly own two homes. Each have custody of a minor child or joint custody of one child and each live in one of the jointly owned homes. Only the home at the time of separation is eligible. If the other home was titled in only the resident spouse's name and they have not filed a joint income tax return, that home would be eligible.iii. Two sisters own and occupy a home assessed at $15,000. The home is eligible for one exemption limited to $7,500.iv. Three (3) unrelated single persons live in a house assessed at $15,000. Each person has a proportionate share of one-third (1/3) of the total assessed value of the property. Only one can file on this homestead with the two other owners listed as occupying joint owners. He would be entitled to an exemption on his share limited to $2,500 of assessed value.2. More than one dwelling a. Jointly owned property that has more than one of the dwellings is eligible. Each joint owner that occupies one of the dwellings can file for exemption on his proportionate share of the total assessed value of all the property.b. EXAMPLES: i. Three (3) persons jointly own property that includes five hundred (500) acres and three (3) houses with a total assessed value of $33,000. Each person can file a homestead exemption claim on the property occupied by his family, if they meet all requirements for eligibility. Each person's share would be one-third of the total property or one hundred sixty-seven (167) acres with an assessed value of $11,000; however, the exemption is limited to one hundred sixty (160) acres and a total assessed value of $7,500.ii. Three (3) persons jointly own property that includes one hundred fifty (150) acres and three (3) houses with a total assessed value of $15,000. Each persons share and exemption would include fifty (50) acres and one house with a total assessed value of $2,500.iii. Two persons buy one hundred (100) acres of land. They build a house on that property and each hold separate title to their respective homes. Both may file for an exemption which would include one-half (1/2) the assessed value of the land plus the assessed value of their respective homes.35 Miss. Code. R. 6-03-06-103.02