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)
| County | County Millage Rate* | City Millage Rates* | School Millage Rates* |
|---|---|---|---|
| Alcorn County | 50.74 to 111.0 mills | 49.06 to 95 mills | 52.76 to 59.20 mills |
| Prentiss County | 40.36 mills | 14.00 to 35.15 mills | 55.52 to 58.07 mills |
| Tishomingo County | 48.00 mills | 8.25 to 27.00 mills | 49.00 mills |
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