Mississippi

Sales Tax

  • Statewide: 7.0%
  • Counties can levy an additional sales tax of no more than 1.0%.
  • Current average sales tax (with local taxes included): 7.07%
  • Common exceptions at State level: none
  • Vehicle Tax: 3% to 5%, depending on weight
  • Gasoline Tax: 37.19 cents/gallon (Includes all state, local, and federal taxes)
  • Diesel Fuel Tax: 42.80 cents/gallon (Includes all state, local, and federal taxes) 
     

Personal Income Tax

  • Personal Income Tax Rate Range: Three brackets from 0% to 5% (on income greater than $10,000). Will move to flat rate (4.7%) in 2024.
  • Standard deduction: Single Filing Status: $2,300 
  • Personal Exemption Allowance: $6,000. Dependent Exemption: $1,500
  • Itemized Deductions Allowed?: Yes, subject to limitations
  • Retirement Income
    • Social Security: Exempt
    • IRAs: Exempt
    • 401Ks/Defined contribution employer retirement plans: Exempt
    • Private pensions: Exempt
    • Public Pensions: Exempt
  • Military Pay
    • Active Duty Pay: Taxable to the extent included in federal Adjusted Gross Income except the first $15,000 of National Guard (not full-time) or Reserve Forces, which is exempt
    • Military Retirement Pay: Exempt
    • Military Disability Pay: Exempt
    • VA Disability Dependency & Indemnity Compensation Benefits: Exempt
    • SBP/SSBP/RCSBP/RSFPP: Exempt

 

Property Tax

  • Local municipalities average .79% of the property's assessed value.
  • Calculation of assessed value: 10% of market value
  • Relief programs for:
    • Owner-occupied: Assessed value of $7,500 is exempt, with a maximum tax credit of $300. An additional program lifts the $300 cap if you qualify.
    • Disabled Veterans/Surviving Spouses: Exempt if assessed value is $7,500 or less.
    • 65 and over or Disabled (including veterans): May be able to exempt an additional $7,500 from the assessed value. 
  • Personal Property Tax: Yes. Assessed value of 15%. Rates and exemptions vary.

 

Inheritance & Estate Taxes: There is no estate or inheritance tax.

 

Department of Revenue website: www.dor.ms.gov

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