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Local Taxes

All businesses in Mississippi are subject to property taxes. These taxes are levied by three main taxing entities; cities, school boards and counties.

Property Tax

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

Assume the following facts:

  •  A manufacturing plant is located within a municipality where the total of all taxes is 78.5 mills.
  • The true value of the taxable property is:

Land  $10,000
Machinery and Equipment  $700,000
Buildings  $1,500,000
Raw Materials  $200,000
Finished Goods  $500,000
Total  $2,910,000

  • The assessed value is calculated by multiplying the total by 15% (15% x $2,910,000) = $436,500
  • The tax liability, before any exemptions, is calculated by multiplying the assessed value by the millage: ($436,500 x .0785) = $34,265

Millage Rate Summary

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