City-Data Forum Personal property tax is high in MS (Hattiesburg: bank owned, sales)
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09-21-2009, 12:01 PM
 Location: New Jersey 844 posts, read 2,669,835 times Reputation: 659

I just read an article on Hattiesburg, and it noted that personal property tax is about \$17.50/\$100. It also noted that a new car is taxed at 30% of the vehicle cost, so my math shows: 2010 car purchased at \$25,000 would be taxed at 30%, which equals \$7,500; \$7,500/100 equals 75; \$17.50 x 75 equals \$1,312. Is that correct? Is the tax really that high? I know it decreases as the value drops, but that is still a lot of personal property tax

Thank you,……marc

09-21-2009, 12:30 PM
 Location: Bernanke's Financial Laboratory 513 posts, read 1,074,436 times Reputation: 220
Quote:
 Originally Posted by marc515 I just read an article on Hattiesburg, and it noted that personal property tax is about \$17.50/\$100. It also noted that a new car is taxed at 30% of the vehicle cost, so my math shows: 2010 car purchased at \$25,000 would be taxed at 30%, which equals \$7,500; \$7,500/100 equals 75; \$17.50 x 75 equals \$1,312. Is that correct? Is the tax really that high? I know it decreases as the value drops, but that is still a lot of personal property tax Thank you,……marc
Your math isn't far off and I don't think people know what they're getting into with the tax situation in MS, I know we didn't.

In 2005 to put car tags on two new vehicles, a mid-size and a compact, we paid around \$1,150 for that year.

09-21-2009, 01:59 PM
 Location: Jackson, MS 1,008 posts, read 3,024,121 times Reputation: 605
That's why I drive slightly older model vehicles that are paid off.

09-21-2009, 02:31 PM
 Location: Strathclyde & Málaga 2,980 posts, read 7,274,970 times Reputation: 1853
Are taxes high in MS i.e income, property, sales, cost of living in general compared to other states even in the South?

I didn't know you had to pay for tags we don't here.

09-21-2009, 03:44 PM
 Location: Jackson, MS 1,008 posts, read 3,024,121 times Reputation: 605
Property and automobiles are both subject to ad valorem taxes - meaning that the tax is assessed in relationship to the value of the property. Single family residential property is taxed at 10% of its assessed value. All other personal property is assessed at 15% of its value. Motor vehicles are taxed at 30% of their value. The state offers a homestead exemption to all eligible taxpayers. Eligible homeowners should make application with the Tax Assessor in the county where the home is located. This application must be filed between January 1 and April 1. The maximum exemption for regular homeowners is \$300. For homeowners 65 years of age or totally disabled, there is an exemption on the first \$75,000 true value. You do not have to apply for homestead exemption each year. You should reapply if there were changes in your homestead status (marital, property, ownership, etc.).

Sales Taxes
State Sales Tax:
7% (prescription drugs, residential utilities, motor fuel, newspapers, healthcare services, and payments made by Medicare and Medicaid are exempt); County and city taxes may add an additional 3% to the state rate.

Gasoline Tax: 18.8 cents/gallon
Diesel Fuel Tax: 18.8 cents/gallon
Cigarette Tax: 68 cents/pack of 20

Personal Income Taxes
Tax Rate Range:Low - 3%; High - 5%
Income Brackets: Lowest - \$5,000; Highest - \$10,000
Number of Brackets: 3
Personal Exemptions: Single - \$6,000; Married - \$12,000; Dependents - \$1,500 Click for details.
Additional Exemption: 65 or older - \$1,500
Standard Deduction: Single - \$2,300; Married filing jointly - \$4,600
Medical/Dental Deduction: Partial
Federal Income Tax Deduction:
None

I'm not sure how accurate all of this information is, but here is the source where it is gathered from:
Retirement Living - Taxes by State: Kansas - New Mexico

09-21-2009, 04:02 PM
 Location: Jackson, MS 1,008 posts, read 3,024,121 times Reputation: 605
Quote:
 Originally Posted by marc515 I just read an article on Hattiesburg, and it noted that personal property tax is about \$17.50/\$100. It also noted that a new car is taxed at 30% of the vehicle cost, so my math shows: 2010 car purchased at \$25,000 would be taxed at 30%, which equals \$7,500; \$7,500/100 equals 75; \$17.50 x 75 equals \$1,312. Is that correct? Is the tax really that high? I know it decreases as the value drops, but that is still a lot of personal property tax Thank you,……marc
Property tax depends on millage rate (aka mill rate), which depends on the city or county in which you live. Depending on where you live in Mississippi, the millage rate ranges from 6 to 96. Hattiesburg has a millage rate of 47.55. The annual property tax on a \$100,000 home in Hattiesburg is approximately \$175 per year. This figure is based on an assessed value of \$10,000 (ten percent of real value) times the millage rate of 47.55 per \$1,000 assessed value, less a \$300 deduction for Homestead Exemption.

Motor vehicle ad valorem tax is based on the assessed value of the vehicle multiplied by the millage rate set by the local county government. Assessed value has been established as 30% of the Manufacturer's Suggested Retail Price plus a reduction of a certain percentage for depreciation over 10 years. A minimum assessed value is set at \$100.00 for passenger vehicles. So, a \$25k car would be taxed at 30%, which is \$7500. In Hattiesburg, \$7500 x (47.55 / 1000) + \$15 (priveledge tax) = \$371.63.

Last edited by jacksonian; 09-21-2009 at 04:12 PM..

09-21-2009, 06:17 PM
 783 posts, read 1,931,800 times Reputation: 527
I always wondered about how that worked, thanks. When I bought my 2005 Magnum last year and brought it home from Texas it cost me like 800 bucks with sales taxes and title and they told me it would "only" be like 260 bucks next time. So I'm guessing that if I still have it in 2015 it'll be double plus cheap to register. Hopefully that'll make up for what it will probably cost in gas by then.

I don't know why folks would think property taxes down here are high. Michigan property taxes are insane and what does Michigan have to offer? They seem to have no better jobs than us anymore. My dad is a retireee; when he had like 31 acres on the side of the interstate the property taxes were like 250 bucks a year. He used to have a house back closer to town that sat on 17 acres and the property taxes there were like 75 bucks a year! Mine run like 600 last year but I'm not retired and it didnt qualify for homestead exemption because the bank owned this house most of the year before I bought it from them. I believe mine wil be something like 600 altogether next year and that includes both city and county (which is like 200). I live in a good neighborhood like 4 blocks from one of the highest ranked high schools in the state. How is that expensive?

09-21-2009, 07:10 PM
 Location: Jackson, MS 1,008 posts, read 3,024,121 times Reputation: 605
Quote:
 Originally Posted by poptones I always wondered about how that worked, thanks. When I bought my 2005 Magnum last year and brought it home from Texas it cost me like 800 bucks with sales taxes and title and they told me it would "only" be like 260 bucks next time. So I'm guessing that if I still have it in 2015 it'll be double plus cheap to register. Hopefully that'll make up for what it will probably cost in gas by then. I don't know why folks would think property taxes down here are high. Michigan property taxes are insane and what does Michigan have to offer? They seem to have no better jobs than us anymore. My dad is a retireee; when he had like 31 acres on the side of the interstate the property taxes were like 250 bucks a year. He used to have a house back closer to town that sat on 17 acres and the property taxes there were like 75 bucks a year! Mine run like 600 last year but I'm not retired and it didnt qualify for homestead exemption because the bank owned this house most of the year before I bought it from them. I believe mine wil be something like 600 altogether next year and that includes both city and county (which is like 200). I live in a good neighborhood like 4 blocks from one of the highest ranked high schools in the state. How is that expensive?
There is an out-of-state tax on vehicles purchased outside of Mississippi I believe.

09-21-2009, 09:29 PM
 783 posts, read 1,931,800 times Reputation: 527
No, you just have to pay sales tax. I didn't pay it in Texas so I had to pay it here. It's about the same either way I did it. There was like 100 dollars in fees for first time registration or something, but that's typical. Nothing at all like in California where you have to pay a pretty substantial fee for what amounts to an "import tax" because the car isn't cali emissions certified.

09-21-2009, 09:55 PM
 Location: Jackson, MS 1,008 posts, read 3,024,121 times Reputation: 605
Can you imagine if Mississippi enforced the same emission laws as California? There would be a lot of pissed of people.
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