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

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 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.