Tax Guide » State Taxes » U.S. Map » MississippiMississippi has three state income tax rates: 3 percent, 4 percent and 5 percent. These rates are the same for individuals, all filing statuses, as well as for businesses. More on Mississippi taxes can be found in the tabbed pages below.IncomeSalesPropertyEstateOtherPersonal income taxMississippi collects income taxes from its residents utilizing three tax brackets. For single taxpayers: -- 3 percent on the first $5,000 of taxable income. -- 4 percent on taxable income between $5,001 and $10,000. -- 5 percent on taxable income of $10,001 and above. Married couples filing a combined return (i.e., both spouses work) can opt to have each spouse calculate tax liability separately and add the results.Residents should file tax returns by April 15 or the next business day if that date falls on a weekend or holiday.Sales taxesThe retail sales and use tax rate in Mississippi is 7 percent.Tourism and economic development taxes also are collected in some jurisdictions.Personal and real property taxesFor purposes of assessment for ad valorem taxes, taxable property is divided into five classes and is assessed at a percentage of its true value as follows: Class I -- Single-family owner-occupied, residential real property: 10 percent. Class II -- All other real property: 15 percent. Class III -- Personal property: 15 percent. Class IV -- Public service property assessed by the state or county: 30 percent. Class V -- Motor vehicles: 30 percent.Inheritance and estate taxesMississippi has no inheritance tax. Since the state's tax was linked to the federal estate tax that is being phased out, Mississippi no longer collects an estate tax.Other Mississippi tax factsRetirement income, pensions and annuities generally are not subject to Mississippi income tax.Since Jan. 1, 2002, Mississippi income tax law has required casinos to withhold a nonrefundable income tax at the rate of 3 percent on gaming winnings that are required to be reported to the Internal Revenue Service.Mississippi taxpayers can find out the status of their refunds by using the Department of Revenue's online tracking system. For more information, call the Mississippi State Tax Commission at (601) 923-7000 or visit its website. New resident information can be found at the Mississippi Treasury Department's website.To download tax forms on this site, you will need to install a free copy of Adobe Acrobat Reader. Click here for instructions.« Back to State Tax Map advertisementRelated Links:Tax write-off for small business12 tempting tax tips for 2012Taxes: Choosing a tax professional Related Articles:Life insurance taxable?Tax Tip Throwdown RulesTax refund loan alternatives
Tax Guide » State Taxes » U.S. Map » Mississippi
Mississippi has three state income tax rates: 3 percent, 4 percent and 5 percent. These rates are the same for individuals, all filing statuses, as well as for businesses. More on Mississippi taxes can be found in the tabbed pages below.
To download tax forms on this site, you will need to install a free copy of Adobe Acrobat Reader. Click here for instructions.
« Back to State Tax Map