Mississippi Property Values, Propery Taxes — Home Value Appraisals — Draw Floor, Building & Landscaping Plans — Mortgage Refinance Rates
Home Value Appraisals, Property Tax Appeals
Mississippi Property Taxes Home Property Valuation Mississippi Property Tax Appeal and House Appraisal tutorial for home value appraisals and how to establish the market value of residential property and pursue a winning property tax appeal.
Mississippi Home Property Valuation
The taxation of property is to be uniform and equal throughout the State of Mississippi. All property not exempt from ad valorem taxation ("Ad valorem" means according to value - the assessed value of the property) is taxed at the assessed value. Property is assessed for taxes according to laws, rules and regulations, and in the proportion to its true value. Laws may be enacted to exempt particular species of property from taxation in whole or in part.
Mississippi Home Property Valuation Exemptions complete Mississippi Home Property Valuation Exemptions information
The Homestead Exemption must be applied for and is not granted automatically.
• Regular exemption
For each regular exemption, a total of one hundred dollars ($100) per applicant is reimbursed to the taxing unit. One half or fifty dollars ($50) is
reimbursed for county taxes exempted. One-half or fifty dollars ($50) is reimbursed for school taxes exempted. The taxpayer is entitled to a maximum of
three hundred dollars ($300) of exemption and a minimum of six dollars ($6) of exemption; however, the reimbursement made to the county will always be
one hundred dollars ($100) per applicant.
• Additional Exemptions
For additional exemptions, the municipality in whose taxing district the applicant has claimed homestead property is reimbursed for the tax losses
suffered. The actual tax loss suffered by the municipality is reimbursed with a limit of two hundred dollars ($200) per applicant. An eligible
applicant is given his full exemption from the municipality; however, the reimbursement is limited to two hundred dollars ($200) per applicant.
Mississippi State Income Tax
The state income tax ranges from a Low - 3% to a High - 5%
State Sales Tax
Mississippi levies a
7% sales tax (prescription drugs exempt); County and city taxes may add an additional 3% to the state rate.
• The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
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