Mississippi offers some of the lowest property taxes in the United States, anchored by a low 10% assessment ratio for homeowners and a statewide effective rate of just 0.58%. In 2024 and 2025, the legislature aggressively expanded senior and veteran exemptions, ensuring older residents can stay in their homes as property values rise (est., Tax Foundation 2026).
Like many Southern states, Mississippi utilizes a classified property tax system. Assessors determine the true market value of your property every 4 years, but different types of properties are taxed at vastly different percentages of that value.
The 10% Assessment Ratio
In Mississippi, the law shields homeowners by taxing them on a tiny fraction of their home’s true value. Property is classified by use:
- Class I (Owner-Occupied Residential): Assessed at exactly 10% of True Value.
- Class II (Commercial / Investment): Assessed at 15% of True Value.
For example, if your primary home is worth $300,000, your Assessed Value is only $30,000. Your local millage rates are then applied strictly to that $30,000.
Mississippi statewide effective rate. On a $250,000 home, expect approximately $1,450 per year at the statewide average. (est., Tax Foundation 2026).
| Home Value | Annual Tax (est.) | Monthly Payment | vs. U.S. Average |
|---|---|---|---|
| $150,000 | $870 | $72 | -$480 below avg. |
| $250,000 | $1,450 | $120 | -$800 below avg. |
| $400,000 | $2,320 | $193 | -$1,280 below avg. |
| $600,000 | $3,480 | $290 | -$1,920 below avg. |
| $800,000 | $4,640 | $386 | -$2,560 below avg. |
Estimates use 0.58% statewide effective rate. U.S. average uses 0.90%. Source: est., Tax Foundation / Census ACS.
The Homestead Exemption Credit
Rather than simply subtracting a flat dollar amount from your home’s value, the standard Mississippi Homestead Exemption functions as a sliding-scale tax credit applied directly to your final tax bill. For properties with an assessed value of $7,351 or more, this credit caps out at a maximum of $300.
Massive Over-65 and Disabled Exemptions (Updated for 2026)
Mississippi takes exceptional care of its senior citizens and disabled residents. Historically, the state completely exempted the first $75,000 of True Value for these residents.
In a major legislative overhaul, this protection is expanding: effective January 1, 2026, the state will exempt the first $125,000 of True Value from all ad valorem taxes. Furthermore, under HB 1378 (passed in 2024 and effective in 2025), qualified honorably discharged veterans aged 90 or older are now 100% exempt from all ad valorem taxes on their homestead.
No Individual Assessment Caps (But Strict Government Caps)
Unlike neighboring states, Mississippi does not have a constitutional cap on how much an individual home’s assessment can increase from year to year. If the market spikes, your true value spikes.
However, the state limits government greed: local taxing jurisdictions (like counties and cities) cannot collect total property tax revenues that are more than 10% higher than the receipts from any of the three preceding years (excluding new construction). If property values boom, local governments are legally forced to lower their millage rates to stay under this 10% revenue ceiling.
Estimated Tax Rates Across the Top 10 Counties
Hinds County (Jackson) levies the highest effective rate in the top 10 (0.83%), driven by struggling urban infrastructure and a smaller commercial tax base forcing a higher burden on residents. Conversely, suburban counties like DeSoto and Rankin benefit from broader economic bases, keeping residential effective rates incredibly low (mid 0.50% range).
| County | Effective Rate | Annual Tax on $250k Home | Notes |
|---|---|---|---|
| Harrison County | 0.62% | $1,550 | Gulf Coast hub (Biloxi/Gulfport). |
| Hinds County | 0.83% | $2,075 | Includes Jackson (State Capital); highest rate. |
| DeSoto County | 0.55% | $1,375 | Memphis suburbs; very low effective rate. |
| Rankin County | 0.56% | $1,400 | Jackson suburbs (Pearl, Brandon). |
| Jackson County | 0.66% | $1,650 | Gulf Coast (Pascagoula). |
| Madison County | 0.65% | $1,625 | Affluent Jackson suburbs (Ridgeland, Canton). |
| Lee County | 0.72% | $1,800 | Includes Tupelo. |
| Forrest County | 0.82% | $2,050 | Includes Hattiesburg. |
| Lauderdale County | 0.80% | $2,000 | Includes Meridian. |
| Jones County | 0.52% | $1,300 | Includes Laurel; lowest rate in the top 10. |
Disclaimer and Methodology
This calculator provides estimates for planning purposes only, based on effective property tax rates (actual median taxes paid divided by median home values). In Mississippi, residential property is taxed based on a 10% assessment ratio. This calculator uses historical “effective rates” to bypass the fractional 10% math and provide a highly realistic estimate of actual homeowner burden.
What this calculator does not account for:
- Commercial properties or non-owner-occupied investment homes, which are subject to a higher 15% assessment ratio and will pay significantly more in taxes.
- The standard $300 Homestead Exemption credit, which is applied at the very end of the tax calculation rather than reducing the initial property value.
How to get an accurate estimate:
- Find your home’s True Value on your County Tax Assessor’s property search tool.
- Multiply the True Value by 0.10 (10%) to find your Assessed Value.
- Multiply the result by your local consolidated mill levy, and divide by 1,000.
- Subtract any applicable Homestead Exemption credits.
Data sources: Statewide effective rate and aggregate county effective rates derived from the Tax Foundation, Census ACS, and SmartAsset aggregations. Statutory rules, exemption limits, and 2026 legislative expansions from the Mississippi Department of Revenue.
Return to the National Property Tax Calculator to compare Mississippi with other states.