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Tax Summary
- Mississippi has three separate tax brackets between 3% and 5% depending upon income level.
- Personal exemption for a single individual is $6,000. Exemption for a married couple is $12,000. Dependents earn an exemption of $1,500 each.
- State sales tax is 7%, plus whatever local taxes are levied by municipalities.
- Property taxes are a percentage of the true value of the property according to five classes:
- I - Single-family home: 10% of real value
- II - All over real property: 15%
- III - Personal property: 15%
- IV- Public Services property: 30%
- V - Motor vehicles: 30%
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