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Mississippi has an effective property tax rate of 0.65%, producing an average annual bill of $921. The US national average is 1.07% — Mississippi's rate is below, placing it at rank #15 out of 50 states (rank 1 = lowest).
Mississippi assesses residential property at 10% of true value, one of the lowest assessment ratios in the country. Commercial property is assessed at 15%. County tax collectors apply local millage rates to the assessed value.
The homestead exemption reduces the assessed value of a primary residence by $7,500 (equivalent to $75,000 of market value at the 10% ratio). Additional exemptions are available for seniors age 65+ and disabled veterans.
No statewide cap on assessment increases, but the 10% assessment ratio naturally limits tax exposure relative to market value.
Mississippi has the lowest median home values and among the lowest property tax bills of any state in dollar terms. The combination of low values and low rates makes homeownership costs extremely accessible.
The median home value in Mississippi is $155,000. Mississippi is the most affordable state for housing nationally. Jackson has faced challenges with population decline, while the Gulf Coast and Oxford markets have shown stronger growth. At the 0.65% effective rate, a homeowner at the median value pays roughly $921/year in property taxes.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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