How To Get Mississippi Property Tax Exemptions

Reducing Property Taxes How To Get Mississippi Property Tax Exemptions

Save Money With Mississippi Property Tax Exemptions and DoNotPay’s Help

Mississippi is one of the states with low property tax, with homeowners paying an average of only $1,009 a year.

This low figure is partly due to low property values across the state but also to several state regulations that keep the effective tax rate under 1% in most of Mississippi’s counties.

DoNotPay is the expert on helping you reduce your property taxes, and we have gathered all the information you need on Mississippi property tax exemptions.

How Does Mississippi’s Property Tax System Work?

Property tax is the levy collected from homeowners by a city or county, and it is used to fund local services and amenities. In Mississippi, your property tax funds:

  • 872 schools
  • 233 libraries
  • 15 community colleges
  • All the services provided by the 298 municipalities and 82 counties in the state

Each county in Mississippi relies heavily on property tax revenue to keep its services running.

In Mississippi, your property tax is calculated by multiplying these two factors together:

  1. Property value
  2. Tax rate

Property Value

Real property in Mississippi is assessed regularly to determine its market value. The assessors are county employees, but the system is overseen by the Mississippi Department of Revenue, which ensures that property assessments are applied fairly and uniformly across the state.

The assessors use sales data to compare your property with similar-sized properties in your area that have sold recently. They take into account any alterations or improvements you have made by checking building permits and arrive at a fair market value for your home.

The fair market value doesn’t equate to the assessed taxable value, though. The State of Mississippi has a law in place that stipulates that the taxable value of a single-family residential home is equal to 10% of its fair market value.

Under this system, if your home is valued at $200,000 by the assessor, you will be taxed on a value of $20,000.

Tax Rate

The Mississippi tax rate is calculated by adding together all the funding required by schools, public amenities, and county facilities and breaking it down to a dollar amount to be charged per $1,000 of property value. 

Mississippi’s tax rates vary from county to county, so the easiest way to view the state’s property taxes is to look at the average paid as a percentage of fair market value. Mississippi fares well in this regard, with a state average tax rate of 0.89%, well below the national average of 1.07%.

If this isn’t enough, Mississippi counties also offer several property tax exemptions to lower your tax bill even more.

What Mississippi Property Tax Exemptions Are Available?

Mississippi offers many property tax exemptions that can give you a discount on your property taxes.

The available exemptions are:

  1. Regular homestead exemption
  2. Special homestead exemption for seniors
  3. Homestead exemption for disabled persons
  4. Special homestead exemption for disabled veterans

Regular Homestead Exemption

A homestead is defined as a property you own and use as your primary residence. Every homestead in Mississippi qualifies for the regular homestead exemption, which gives you a reduction in the taxable value of your property.

The exemption works on a sliding scale according to the property’s taxable value up to a maximum of $300. An example for a property with a fair market value of $100,000 would be as follows:

Tax AuthorityCitySchoolCountyTotal
Fair market value$100,000$100,000$100,000$100,000
Assessed value$10,000$10,000$10,000$10,000
Tax rate.035.050.040.125
Gross tax$350$500$400$1,250
Homestead credit(0)($150)($150)($300)
Net tax due$350$350$250$950

Special Homestead Exemption for Seniors

An exemption for seniors is available in Mississippi, and persons over 65 can qualify for a reduction of up to $7,500 on the taxable value of their property. This would mean that a senior living in a property with a market value of $75,000 or less would be exempt from property tax.

Homestead Exemption for Disabled Persons

The same criteria apply for disabled persons of any age as for seniors, reducing the taxable value of their property by up to $7,500.

Special Homestead Exemption for Disabled Veterans

Disabled veterans or their unremarried surviving spouses are 100% exempt from paying property tax in Mississippi.

What Should You Do To Claim a Mississippi Property Tax Exemption?

Claiming a property tax exemption can be a tricky and complicated process, but DoNotPay can help you pay your property taxes with the answers you need.

Our app can generate a property guide that gives you tailor-made advice on the exemptions you may be eligible for.

The guide comprises two sections:

Section

Contents

Property tax exemptionsThis advises you on the:

  • Available exemptions in your area
  • Documents you need
  • Application procedure
Property assessment appealsThis helps you with:

  • Negotiating your property assessment
  • Lodging an appeal

How Do You Get DoNotPay’s Property Guide?

If you want to get your personalized property tax guide, the process is fast and simple:

  1. Go to DoNotPay using any web browser, sign up, and find the Property Tax feature
  2. Fill in a few details about yourself
  3. Wait for us to generate your customized guide

How Else Can DoNotPay Help With Your Property Tax?

If you are convinced your property assessment is too high, you can lodge an appeal with DoNotPay’s help.

DoNotPay will advise you on the following:

  • How the appeal process works in your area
  • What documents you will need to provide
  • Where you can lodge your appeal

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