(1) Qualified homeowners described in subsection (1) of Section 27-33-67 shall be allowed an exemption from ad valorem taxes according to the following table:
Assessed values shall be rounded to the next whole dollar (Fifty Cents (50¢) rounded to the next highest dollar) for the purposes of the above table.
One-half (½) of the exemption allowed in the above table shall be from taxes levied for school district purposes and one-half (½) shall be from taxes levied for county general fund purposes.
(2) Qualified homeowners described in subsection (2) of Section 27-33-67 shall be allowed an exemption from all ad valorem taxes on not in excess of Six Thousand Five Hundred Dollars ($6,500.00) of the assessed value of the homestead property.
(3) This section shall only apply to exemptions claimed in the 1987 calendar year for which reimbursement is made in the 1988 calendar year.