Mississippi Property Tax


real property taxesHere we’ll discuss the taxation of Mississippi real property. Drawing from the frequently-asked questions on the state of Mississippi Department of Revenue’s website, we’ll cover the ins and outs of Mississippi property taxation here.

What is Mississippi Property Tax?

Property tax, or ad valorem tax, is a tax imposed on the ownership or possession

of property and is generally based on the value of the property. In Mississippi, real property is subject to tax unless exempt as stated by state law.

How Are Property Taxes Used?

The money gathered from property taxes is used to support city, county, and state municipal services.

How is Property Value Determined?

A county tax assessor will appraise your property at its true value. The Tax Commission in Mississippi provides help to local governments with the appraisal of property so that the property taxes imposed are uniform and equal throughout the State of Mississippi.

The county assessor will determine value of property at least every four years.

Who Decides How Much the Property Tax Rate Is?

County tax entities decide on the amount of money needed and the local officials calculate the tax rate necessary to raise that revenue.

Who Are Mississippi Property Taxes Due To?

Mississippi property taxes are paid to the county or municipality where the real property is located.

How is Mississippi Property Tax Calculated?

Mississippi property tax is calculated through the following formula:

(True value x Assessment Ratio x Millage Rate = Taxes)

The true value of the property is multiplied by the appropriate assessment ratio to determine the assessed value. The assessed value is multiplied by the local property tax rate, or millage rate, to determine the property taxes owed.

When are Taxes for Mississippi Property Due?

Taxes for Mississippi property are due on or before February 1 for property assessed the preceding year.

If February 1 falls on a weekend, taxes can be paid the subsequent Monday without penalties or interest.

Where To Go For More Property Tax Help

Gauging how the property tax is calculated and the proper amount is important, otherwise, you may be paying too much, too little, or not at all. Beyond this, there is a federal real estate tax deduction you can take if you itemize your tax deductions. To determine if you should itemize your deductions on your federal return, add up your calendar-year deductible expenses reported on the federal Schedule A, including your state income tax expense, and determine if they are greater than the standard deduction amount for your filing status. Single filers can claim a standard deduction of $12,400 on their federal tax return. So, if you pay more than that with income tax and other itemized deductions, then consider itemizing your taxes.

If you’re looking for additional support with your Mississippi tax questions, look no further. With Tax Pro Go, we’ll match you with someone with the right state expertise, including Mississippi state property tax help. In fact, Tax Pro Go allows you to have your taxes done by a real tax pro without visiting an office. Get matched with a tax pro, upload your tax documents, and we do the rest. It’s that easy!

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