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Tax relief for retirees

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Tax relief for retirees

Exeprt from msn money article By Sandra Block, Kiplinger’s
Full story is available on the msn money website

State income tax: 3 percent to 5 percent
State sales tax: 7 percent
Estate tax/inheritance tax: no/no

The Magnolia State offers a sweet income tax deal for retirees. Social Security benefits and income from IRAs, 401(k)s, 403(b)s, Keoghs, and public and private pension plans are exempt from state income taxes.

Prescription drugs, residential utilities, motor fuel, newspapers and health care services are exempt from state sales taxes.

Mississippi is also home to some of the lowest property taxes in the nation, according to the Tax Foundation. Median property tax on a $98,000 median-valued home is $508, the Tax Foundation calculates. Seniors who are eligible for the state’s homestead exemption are exempt from taxes on the first $75,000 of value.