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Some goods are exempt from sales tax under Mississippi law. Examples include most non-prepared food items purchased with food stamps, prescription drugs, and some medical supplies.
Unlike the federal government, Mississippi makes no distinction between short-term and long-term capital gains ? or even between capital gains and ordinary income. Instead, it taxes all capital gains as ordinary income, using the same rates and brackets as the regular state income tax.
Mississippi exempts all forms of retirement income from taxation, including Social Security benefits, income from an IRA, income from a 401(k) and any pension income. On top of that, the state has low property taxes and moderate sales taxes.
Persons who are 65 years of age and older or who are disabled, upon application and proof of eligibility, are exempt from all ad valorem taxes up to $7,500.00 of assessed value.
If an applicant is over the age of sixty-five (65), he qualifies for the additional exemption.
If you are based outside Mississippi, but have sales tax nexus and are required to charge sales tax in Mississippi, you are a ?remote seller? and only required to charge ?use tax.? Use tax is very similar to sales tax except that it's charged by remote sellers. Mississippi's use tax rate is 7%.
When are property taxes due? Taxes are due on or before February 1 for property assessed the preceding year. If February 1 falls on a weekend or legal holiday, taxes may be paid the following Monday without penalties or interest.
Property taxes in Mississippi For homeowners age 65 and older or who are totally disabled, there is a property tax homestead exemption on the first $75,000 of assessed value.