Title 48, Chapter 5, Section 44
( 48-5-44)
The homestead of each resident of this state actually occupied by
the owner as a residence and homestead shall be exempted from all ad
valorem taxation for state, county, and school purposes, except
taxes levied by municipalities for school purposes and except to pay
interest on and to retire bonded indebtedness, for as long as the
residence and homestead is actually occupied by the owner primarily
as a residence and homestead. The exemption shall not exceed
$2,000.00 of the value of the homestead. Should the owner of a
dwelling house on a farm who is already entitled to a homestead
exemption participate in the program of rural housing and obtain a
new house under contract with the local housing authority, he shall
be entitled to receive the same homestead exemption as allowed
before making the contract. Except as otherwise specifically
provided by law, the value of all homestead property in excess of
$2,000.00 shall remain subject to taxation. The exemption shall be
returned and claimed in the manner prescribed by law. This exemption
shall not apply to taxes levied by municipalities. |