Lincoln County residents have until the end of the month to fileor update their homestead exemption tax status for 2007 or to paybusiness personal property renditions for 2006, a county officialsaid.

Nancy Jordan, county tax assessor/collector, said not completingthe process by the deadline could result in the loss of valuablediscounts or expensive fines.

“Any change in homestead status requires you to come in so youdo not lose the exemption later when the change is discovered,” shesaid. “Losing homestead exemption status could cost homeowners agood deal in future taxes.”

Homestead exemption allows homeowners to claim a significant taxdiscount on personal land they actually dwell on, Jordan said.

Reasons residents may need to refile include turning 65 years ofage or being declared 100 percent disabled in 2006, theconstruction of a new home, a physical change of address, the saleor purchase of exempted property, a marital status change or filinga deed in the past year on the exempted property.

“Filing for homestead exemption is quick and easy if they comeprepared,” Jordan said.

A prepared resident should bring with them a copy of the deed,proof of age and their vehicle tag numbers. Proof of disability isalso required if refiling for disability.

The entire process takes approximately five minutes with theinformation, Jordan said. There is no fee to file or to makechanges to an existing exemption.

The process for businesses to fill out, sign and return personalproperty renditions, which assesses businesses’ private propertyfor tax purposes, is also quick, she said.

“A few moments to fill out the forms could save businesses a lotof money in the future,” Jordan said.

If personal property renditions are not returned, theMississippi State Tax Commission requires a 10 percent penalty thatis compounded annually for each year it is not returned, shesaid.