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 (2014-15)

CountyCounty Millage Rate*City Millage Rates*School Millage Rates*
Alcorn County50.74 to 111.0 mills49.06 to 95 mills52.76 to 59.20 mills
Prentiss County40.36 mills14.00 to 35.15 mills55.52 to 58.07 mills
Tishomingo County48.00 mills8.25 to 27.00 mills49.00 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