One of the many advantages that businesses and individuals have in Rankin County is the low tax rates as compared with other areas and other states. The state of Mississippi’s low competitive tax rates coupled with Rankin County’s low tax rates allow your business to pay less in overall taxes and increase your bottom line. A comprehensive package of tax breaks and incentives are possibly available to companies based on job creation, payroll, and capital investment. Just another reason that Rankin County is your best place to live, work, and play!
All businesses in Mississippi are subject to property taxes. These taxes are levied by three main taxing entities – cities, school boards, and counties.
Counties and municipalities levy a property tax on real and tangible personal property in Mississippi. Generally, property is assessed at 15% of true value. This assessed value is then multiplied by the millage rate to determine the annual tax liability. Each city and/or county sets its tax rate, or millage. Mississippi does not have a state property tax.
Property Tax Example
Assume the following facts:
A manufacturing plant is located within a municipality where the total of all taxes is 78.5 mills.
The true value of the taxable property is:
|Machinery and Equipment:||$700,000|
The assessed value is calculated by multiplying the total by 15% (15% x $2,910,000) =
The tax liability, before any exemptions, is calculated by multiplying the assessed value by the millage:
($436,500 x .0785) = $34,265
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