How Mississippi property tax works and the homestead credit

How is the bill calculated?

The Department of Revenue (DOR) gives the formula: true value x assessment ratio x millage rate = taxes. The county tax assessor appraises your property at its true value. The county, the city and the school district each set a rate. A mill is $1 of tax for every $1,000 of assessed value.

The Mississippi Constitution sets the ratios. For homes the two that matter are:

A $150,000 owner-occupied home has an assessed value of $15,000. Other real property, such as a rental, is assessed at 15%.

Assessors must revalue real property at least once every four years, says the DOR. Your value can change at a reappraisal, after improvements, or when the local rate changes.

What are the rates in Jackson?

DOR publishes a combined millage schedule by county and taxing unit. Its latest edition is the 2024-2025 levy. For Hinds County, the units that apply to a home inside the City of Jackson, in the Jackson Public Schools district, are:

Parts of Jackson lie outside Hinds County, and your parcel may be in a different school district or carry other levies. Confirm your exact rate with the Hinds County tax collector. Local boards adopt new rates each year, so a later levy may differ.

What does the homestead exemption save?

The homestead exemption is not automatic. You must own and occupy the home as your primary residence on January 1, and apply with the county tax assessor between January 1 and April 1 (DOR). The statute says an application filed after April 1 may not be accepted. The DOR also says ownership must be established before January 1, with the deed filed with the chancery clerk before January 7.

For tier 1, the credit grows with assessed value in steps of $6 per $150 and reaches its $300 maximum at $7,350 to $7,500 of assessed value (Mississippi State University Extension). That is a home with a true value of about $75,000 or more.

The Legislature did not raise these amounts in 2026. A bill to lift the cap from $7,500 to $20,000, S.B. 2826, died in committee. A separate 2026 law, H.B. 420, extends the full exemption to veterans aged 85 and older from January 1, 2027. Applicants who turn 65 must reapply in the next filing period to move up a tier (DOR). Marriage, divorce, a deed change or a death can also require a new application.

Example: a $150,000 home in Jackson

This is an example, not a quote. Assume a $150,000 owner-occupied home in the Hinds County part of Jackson, and the 2024-25 rates above.

The tier 2 homeowner saves $1,449.83 a year in this example. The tier 1 homeowner saves $300. Exact bills depend on your levies and any special charges.

Is there a cap on increases?

We found no limit on how much one home’s assessed value can rise in a year. The limit we found works on the taxing body: MSU Extension describes a 10% cap on the increase in total tax receipts of a county or city, with exclusions such as debt service and new construction. For owners 65 or older or disabled, Extension adds that increases in assessed value after the first exemption year are exempt, with limits. Ask the assessor how it applies to you.

How do you appeal an assessment?

The DOR says to request a hearing with the county Board of Supervisors. It adds that an appeal must normally be filed by the first Monday in August before the taxes are due. Contact the Hinds County Chancery Clerk for the procedure.

When is the tax due?

Taxes are due on or before February 1 for property assessed the preceding year. If February 1 falls on a weekend or holiday, you may pay the next Monday. Unpaid real estate taxes can lead to a tax sale. Lenders often collect the tax monthly through an escrow account. For what you pay at the closing table, see closing costs in Mississippi and the transfer tax page. For the city view, see the Jackson guide.