All businesses in Mississippi are subject to property taxes. These taxes are levied by three main taxing entities; cities, school boards and counties.
Counties and municipalities levy a property tax on real and tangible personal property in Mississippi. Generally, property is assessed at 15% of true value. This assessed value is then multiplied by the millage rate to determine the annual tax liability. Each city and/or county sets its tax rate, or millage. Mississippi does not have a state property tax.
Property Tax Example
Machinery and Equipment $700,000
Raw Materials $200,000
Finished Goods $500,000