How is property assessed in Mississippi?

Mississippi assesses owner-occupied residential property (Class I) at 10% of its true market value. So a $200,000 home has an assessed value of $20,000. Millage is then applied to that assessed value, not the full market value.

What is a millage rate?

A mill is one dollar of tax per $1,000 of assessed value, or 0.001. Mississippi millage rates vary widely by county, city, and school district, typically combining to somewhere between 90 and 150 mills. The statewide average is roughly 110 mills.

What is Mississippi's homestead exemption?

Homeowners who occupy their property receive a regular homestead exemption that credits up to $300 against the county and school ad valorem tax. Homeowners aged 65 or older, or who are totally disabled, are exempt from tax on the first $75,000 of true value entirely.

What is Mississippi's effective property tax rate?

Because homes are assessed at only 10% of value, the effective rate on market value is low — roughly 0.7% to 0.8% on average. That makes Mississippi one of the lower property-tax states despite millage numbers that look large.

Is this estimate exact?

No. It uses the statewide assessment ratio and a typical millage. Your actual bill depends on your specific county, city, and school district millage and any special exemptions, so confirm with your local tax assessor.

Mississippi Property Tax Estimator

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Mississippi property tax is an ad valorem tax: owner-occupied homes are assessed at just 10 percent of their true market value, and your local millage rate is applied to that assessed figure. This estimator combines the assessment ratio, your millage, and the homestead exemption to project an annual bill.

How it works

Mississippi classifies owner-occupied residential property as Class I, assessed at 10 percent of true value. The tax is then the assessed value multiplied by the millage rate (mills divided by 1,000):

assessed value = market value × 0.10
gross tax      = assessed value × (mills ÷ 1000)
net tax        = gross tax − homestead exemption credit

A mill is one dollar of tax per 1,000 dollars of assessed value. Mississippi millage rates vary by taxing district but commonly total between 90 and 150 mills, with a statewide average near 110. Qualifying homeowners receive a regular homestead exemption that credits up to 300 dollars against the bill.

Example

A 200,000 dollar home is assessed at 10 percent, or 20,000 dollars. At 110 mills the gross tax is 20,000 × 0.110 = 2,200 dollars. After the 300 dollar regular homestead credit, the net bill is about 1,900 dollars — an effective rate near 0.95 percent of market value.

Notes

Estimate only. Homeowners aged 65 or older, or totally disabled, are exempt from tax on the first 75,000 dollars of true value, which can eliminate the bill on modest homes. Millage and exemption rules differ by county; confirm with your local tax assessor or at dor.ms.gov.