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Taxes

Property Taxes

  • Most real estate assessed at 15% of true value
  • Owner-occupied residential property assessed at 10% of true value
  • Motor vehicles and utilities (excluding railroads) assessed at 30% of true value
  • No state property tax

Mississippi Income Taxes

  • 3% of first $5,000
  • 4% of second $5,000
  • 5% for remaining amount
  • Standard deduction $2,300 for singles, $4,600 for married couples

For more information on personal and corporate taxes, visit the Mississippi Department of Revenue website.

County and City Millage Rates (2011-12)

County Millage Rate*City Millage Rate*School Millage Rates*
Alcorn County47.56 to 105.76 mills27.30 to 95.0 mills59.20 mills
Prentiss County58.9 mills30.15 to 33.0 mills58.53 mills
Tishomingo County35.0 to 37.5 mills8.25 to 25.0 mills42.5 mills
*Millage rates are dependent upon tax district of the property.

General Retail Sales Tax

  • 7% state sales tax

Retirees

  • No income tax on qualified retirement income (ex: IRA’s, 401/403’s, Keogh’s, public and private pension funds, etc.)
  • Social security is not taxed

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