Mississippi Property Tax

For the purpose of assessment, taxable property is divided into five classes and is assessed at a percentage of its true value.  For example, Class I is a single family owner occupied, residential real property and is assessed at ten percent.  Class II is for all other real property and assessed at fifteen percent.  Class III is personal property and assessed at fifteen percent.  Class IV is public service property assessed by the state or county as thirty percent.  Finally, Class V is for motor vehicles assessed at thirty percent of market value.

Mississippi allows for a residential property homeowner to request a homestead credit of $300 against the ad valorem tax.  You must own and occupy the home as your primary residence on January 1 of the year in which the exemption is being claimed.  In addition, you may be granted an exemption on the first $7,500 of assessed value.  Homeowners 65 years of age and older or persons who are disabled are exempt from ad valorem taxes up to $75,000 of the market value on their homestead property.  Any value over $75,000 however, is taxed as other property.

      
Motor Vehicle Assessments

Tax Commission is required to annually prepare and adopt an assessment schedule for motor vehicles. In preparing this schedule, the Commission shall use a computer system package of assessments identified by the VIN ("vehicle identification number"). If the VIN does not produce an assessed value or if the computer system is
not in operation, the local tax collector shall use the MSRP ("manufactured suggested retail price") with applicable depreciation percentage for the year in which the vehicle was manufactured.

The local tax collector shall be responsible for obtaining a source of MSRP(s) except for new vehicles. The taxpayer shall be responsible for supplying the MSRP for a newvehicle, by submitting a copy of the window sticker with the MSRP, to the tax collectorat the time the tag is purchased. The commission will annually furnish to each tax collector an assessment schedule for trailers, motorcycles, special equipment, etc. to be used in the assessment of this type of property. This schedule will be furnished in hard copy or the Commission may use a computer system package of assessments identified by the VIN (“vehicle identification number”). If the VIN does not produce an assessed value or if the computer system is not in operation, the local tax collector shall use the MSRP (“manufactured suggested retail price”) with applicable depreciation percentage for the year in which the vehicle was manufactured. For any model not listed, assess at 30% of current value if known, or use the “cost when new” multiplied by the percentages listed in the schedule for the years listed.