Taxes

Click here for 2019 – 2020 Lafayette County Millage Rates

To determine the location of a property, visit the County Tax Assessor’s website or the City of Oxford’s Real Property Online Tax Information website.

Property Tax

• Automobiles: 30% of market value
• Owner-occupied residential property: 10%

Visit the Mississippi Department of Revenue for other property taxes.

Sales Tax

• 7% state sales tax

Household Median Income

• Lafayette County: $45,019  (2017)
• Oxford: $36,561  (2017)

Cost of Living

• 10% below the national average

Average Household Expenditures

• View a report on Lafayette County average household expenditures
• Lafayette County: $48,593 (TVAsites.com, 2010)
• View a report on Oxford average household expenditures
• Oxford: $49,965 (TVAsites.com, 2010)

Median Home Value

• Median home value: $235,000 (Lafayette County) Central MS REALTORS MLS for the period of Jan. 1, 2018 – Dec. 31, 2019. Information is deemed to be reliable but is not guaranteed.

How Taxes Apply to Retirees in Mississippi

Property Taxes

Homestead Property

• Assessed at 10% of True Value
• Local mileage applied to the assessed value to determine the tax due annually
  • Homestead Exemption:
  • (1) Underage 65- Not Disabled:    $73,510 Home- Credit of $300
  • (2) Age 65 and over or Disabled:
  • Tax-Exempt up to $75,000 True Value
    Any value over $75,000 is taxed as Other Property
  • Example:  $100,000 in True Value
    –  75,000 in Exemptions
    $ 25,000 in Taxable Value

 Motor Vehicles

• Taxed at 30% of True Value reduced by a Credit
• provided by the Sales Tax Paid on Motor Vehicles
• Example:  $ 20,000  Vehicle’s True Value
  x       .30
  $   6,000  Assessed Value
  x       .10  Tax Rate (100 Mills)
  $      600  Tax Due
          315  Tax Credit ($6,000 x 0.0525 =  $315)$      285  Ad Valorem Tax Due

 Sales Tax

• Items Taxed
  • Most Tangible Personal Property: 7%
    Examples: Groceries, Clothing, Appliances, and Furniture
  • Motor Vehicles: 5%
  • Certain Services: 7%
    Examples: Auto Repair, Plumbing, Electrical, Heating and Air Conditioning
• Exemptions:  Residential Water, Gas, and Electricity, Prescription Drugs, Payments made by Medicare and Medicaid, Health Care Services, Motor Fuels (Subject to 18 cents excise tax per gallon)
• No additional sales tax added by municipalities or counties except on hotels, motels, restaurants, and ¼ of 1% tax in Tupelo.

Income Tax

Rates:

• 3% on 1^st $5,000 in taxable income
• 4% on next $5,000 in taxable income
• 5% on taxable income over $10,000

Exemptions:

• Single- $6,000/year
• Married (Joint or Combined)- $12,000/year
• Dependents- $1,500/year
• Age 65 and Over- $1,500/year

Deductions:

• Standard
  •  Single- $2,300/year
  • Married (Joint or Combined)- $4,600/year

• Itemized
  •  Same as IRS reduced by State Income Tax Claimed

Exclusions from Taxable Income:

• Social Security benefits
• Retirement Income (Pensions, IRAs, 401Ks, Government deferred compensation)
• Gains on the Sale of Stock in MS Corporations
• Interest Income from U.S. or State of MS obligations

Estate, Gift, and Inheritance Tax

• On estates of decedents who die after January 1, 2000, Mississippi Estate Tax is the amount of credit allowed on the Federal Estate Tax Return for State estate taxes paid.
• Mississippi has no gift tax.
• Mississippi has no inheritance tax.