Let Your Money Go Farther Here
Mississippi and Hancock County are tax-friendly when it comes to retirees. In addition to low tax rates in general, retirees living in Mississippi don’t have to pay any state income tax on qualified retirement income. They also gain an additional bonus exemption on property taxes upon reaching the age of 65.
Mississippi residents enjoy the lowest tax burden in the nation, according to a ranking by Bloomberg Financial News. They ranked Mississippi ahead of South Carolina, Tennessee, Alabama and Alaska. Kiplinger’s Personal Finance Magazine also rates number one in the Sun Belt for least expensive tax states for retirees.
NO Tax on Retirement Income
NO Estate Tax
NO Gift Tax
NO State Real Estate Tax
NO Intangible Personal Property Tax
NO Local Income Tax
BONUS EXEMPTION on Local Property Taxes
*Bloomberg Financial News
Mississippi has a tiered income rate structure of 3%, 4% and 5% – The first $5,000 of taxable income is taxed at 3%, the second $5,000 at 4%, and over $10,000 is taxed at 5%. Property taxes per capita are $785 annually and only assessed at the local level. There is no state property tax. There is no inheritance or estate tax. There is no tax on Social Security income. The state also exempts all individual retirement accounts from income tax and is one of four states that allow citizens to contribute to retirement accounts without paying state income tax on the money.
“Retirement Tax Heaven…” Kiplinger
“The cost of living in Mississippi and the quality of life in our state have long been major selling points for retirees and others looking to relocate to the South.,” said Diana O’Toole, Manager, Hometown Retirement Program with the Mississippi Development Authority.
Local Property Tax Breaks Give Homeowners Reason to Smile
Taxes may be one of the only sure things in life, but homeowners in Hancock County have a few less of them to worry about. Hancock County Tax Collector Jimmie Ladner points to several tax breaks available to local property owners.
“We have a very low effective tax rate compared to other tourist destinations, and it’s very stable. And then the first $75,000 of a home’s value is exempt for anyone over 65.”
Hancock County Tax Collector
In addition to low taxes, Hancock County has one of the most affordable housing markets in the South – offering everything from master planned communities to high-rise condominiums and available land for new construction.
Residential property is taxed at 10% of assessed value and then by a local millage rate. Automobiles are accessed at 30% of market value, and the tax is reduced each year by a percentage designated by the Legislature..
QUESTIONS? Contact the Hancock County Tax Collector at (228) 467-4425 or visit www.hancockcountyms.gov.