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Facts & Figures - Mississippi

Property taxes for the state of Mississippi.

Taxpayers in The Magnolia State most likely know that property is subject to ad valorem taxes, which means that the tax is assessed according to the value of the property and at a certain percentage of that value. For assessment purposes, property is divided into five classes:

  • Class 1 – single-family owner-occupied, residential real property: tax rate is 10%
  • Class 2 – all other real property; tax rate is 15%
  • Class 3 – personal property; tax rate is 15%
  • Class 4 – public service property assessed by state or county; tax rate is 30%
  • Class 5 – motor vehicles; tax rate is 30%

Various restrictions and attributes of each property depend largely on class and will be determined by your local county assessor. For example, any land that benefits from “Agricultural Use Value” will not also be eligible by application to enjoy those benefits listed under Class 1 categorization. Multi-family housing such as duplexes, triplexes, and apartments of commercial nature are also not considered Class 1. For more rules, regulations, and definitions, click here.

Mississippi does not impose a statewide tax on property but rather a county-issued tax that also takes into account municipalities and school districts. To get an idea of the millage rates by county, go here and scroll to the bottom of the page for the 2006-2007 rates. As you see, certain counties have higher millage rates than others (e.g. Madison with 58.14 for the county, and Madison with 15.6), which may influence where you decide to move or invest.

Homestead exemptions are available to homeowners for the first $7,500 of the property’s assessed value, with an upper limit of $300, or in other words, $300 against the ad valorem tax. To qualify, you have to occupy and own a primary place of residence by January 1 of the year in which your exemption is to be claimed. Homeowners age 65 or older or who are totally disabled are exempt from taxes up to $75,000 of the market value. More information on exemptions can be found here.

Mississippi State Tax Commission



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