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
- Most Tangible Personal Property: 7%
- 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 1st $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.