- 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
- 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