Mississippi Property Tax Law Changes 2026: What Homeowners Need to Know

Updated March 2026

Key Takeaway

Mississippi assesses at just 10% of true value and offers a $75,000 homestead exemption for seniors 65+ that eliminates all ad valorem taxes on the exempt portion. The 4-year reassessment cycle means your value can be outdated. File appeals by the first Monday in April.

Mississippi Property Tax Snapshot: 2026

Median home value: $119,000
Average annual tax: $964
Effective tax rate: 0.81%
Assessment ratio: 10% of market value
Reassessment cycle: every 4 years

$75,000 Senior Homestead Exemption

Mississippi's senior homestead exemption is one of the most powerful in the country: homeowners 65+ receive a $75,000 exemption from all ad valorem taxes on their primary residence. At the 10% assessment ratio, this exempts $7,500 of assessed value -- which covers the entire assessment for many Mississippi homes.

10% Assessment Ratio

Mississippi assesses residential property at 10% of true value. A $150,000 home has an assessed value of just $15,000. Millage rates are applied to this 10% figure. The low ratio means your market value estimate matters more per dollar -- a $10,000 error in market value only changes your assessment by $1,000, but at high millage rates, that still adds up.

4-Year Reassessment Cycle

Mississippi reassesses property every 4 years, though annual adjustments can occur for improvements or market shifts. Between reassessments, your value stays largely fixed unless you've made improvements. If the market has declined since your last reassessment, appeal during the next cycle.

Standard Homestead Exemption

All owner-occupants receive a $7,500 regular homestead exemption (exempting $750 of assessed value at the 10% ratio). This provides modest savings but must be applied for through the county tax assessor's office.

Check Your 2026 Mississippi Assessment

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Mississippi Appeal Process

Filing deadline: First Monday in April
File with: Board of Supervisors
Evidence needed: Comparable sales, property condition photos, record corrections

2026 Action Checklist

Review your assessment notice when it arrives
Verify all exemptions are applied (homestead, senior, veteran)
Compare your assessed value to recent comparable sales
File your appeal by First Monday in April if over-assessed
Check your property record for errors (square footage, features, classification)

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