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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
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October 12, 2016
PREMIUM WATERS LOCATING IN HINDS COUNTY, CREATING 42 JOBS

Jackson, Mississippi — September 15, 2016 — Private-label water bottling company Premium Waters, Inc., is locating operations in Hinds County, Mississippi, investing $25 million and creating 42 jobs.
Read more...

 
March 31, 2016
Billy’s Original Foods Creates 25 New Jobs in Vicksburg, MS

Officials from Billy’s Original Foods announce the company is creating at least 25 jobs and investing $511,000 in food production operations in Vicksburg, Mississippi. Billy’s Original Foods is a manufacturer of artisan, ready-to-eat frozen Italian meals and deli products.
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February 8, 2016
Continental Tire Locating Manufacturing Plant in Hinds County, Mississippi

Governor Phil Bryant and executives from Continental Tire the Americas, LLC, manufacturer of passenger, light truck and commercial vehicle tires, officially announced today the company is locating a commercial vehicle tire manufacturing plant near Clinton, Mississippi, in Hinds County. The project represents a corporate investment of $1.45 billion and will create 2,500 new jobs.
Read more...

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