Mississippi Mortgage Calculator
Mississippi taxes owner-occupied homes at just 10% of value, then exempts the first $7,500 of that for most owners — pick your county below to see your real payment.
Loan & Property Details
Auto-fills from the county selected above; one mill = $1 per $1,000 of assessed value. Edit if you know your exact city + school district millage.
Your Estimated Monthly Payment
Choose a county and enter your details to see a plain-language read on your payment.
What If You Paid Extra Toward Principal?
Slide to test an extra monthly payment and see how many years and how much interest it saves.
What If Your Rate Changes?
Your 5-Year Equity Snapshot
Good to Know: Mississippi Charges No Real Estate Transfer Tax
This is one closing cost you genuinely won’t see in Mississippi, buyer or seller.
| State real estate transfer tax | None |
| County or municipal transfer tax | None |
| What you’ll still see on the settlement statement | Standard title insurance, recording, and closing fees only |
| Comparable cost in a state with a transfer tax | Often 0.1%–4%+ of sale price elsewhere in this calculator series |
How Mississippi Actually Calculates Your Property Tax Bill
Mississippi runs a classified property tax system, and the class your home falls into matters more than almost anywhere else in this calculator series. Owner-occupied single-family homes, Class I property, are assessed at just 10% of true value, the lowest residential assessment ratio of any state covered so far tied only with a couple of others. Other real property is assessed at 15%, and utilities and vehicles higher still. Mississippi levies no state-level property tax at all; every dollar you pay funds county, municipal, and school district budgets through the local millage rate applied to that small assessed figure.
Hinds, DeSoto, Rankin, and Harrison: how the four biggest counties compare
Hinds County, home to the capital city of Jackson, carries the highest combined millage of the four by a wide margin, a reflection of a shrinking urban tax base funding services across a large area, though the county’s comparatively modest home values keep dollar bills from spiraling. DeSoto County, a fast-growing Memphis suburb in the state’s northwest corner, runs one of the lowest millage rates among Mississippi’s larger counties. Rankin County, the affluent Jackson suburb across the Pearl River, runs a similarly low millage. Harrison County, on the Gulf Coast and home to Gulfport and Biloxi, runs a moderate millage, though property tax is rarely the number that dominates a Harrison County buyer’s monthly payment; insurance usually is. Switching counties above resets both price and millage defaults to match.
| Home market value | $165,000 |
| Mississippi residential (Class I) assessment ratio | 10% |
| Assessed value | $16,500 |
| Homestead Exemption | – $7,500 |
| Taxable assessed value | $9,000 |
| Hinds County combined millage | 158 mills |
| Estimated annual tax | $9,000 ÷ 1,000 × 158 ≈ $1,422 |
Without the exemption, that same home would owe roughly $2,607 a year, nearly double. The Homestead Exemption is a genuinely large lever here precisely because Mississippi’s assessed values start so small.
The $7,500 Homestead Exemption, and the full exemption for disabled residents
Mississippi’s Homestead Exemption removes the first $7,500 of assessed value from ad valorem taxation for an owner-occupied primary residence. It’s filed once with the county tax assessor, typically requiring proof of ownership and occupancy, and remains in effect automatically as long as you continue to own and occupy the home. Homeowners who are totally disabled, along with veterans rated 100% service-connected disabled, generally qualify for a full exemption from property tax rather than just the standard $7,500 reduction, one of the more generous disability benefits among the states in this calculator series.
Gulf Coast buyers: insurance, not tax, is usually the real number to budget
Harrison, Hancock, and Jackson counties along the Gulf Coast carry meaningfully higher homeowners insurance costs than the rest of the state, driven by hurricane and flood exposure that intensified after Hurricane Katrina and has stayed elevated since. Many coastal properties also require separate flood insurance depending on FEMA flood zone designation. If you’re shopping the Coast specifically, get a real insurance quote early in the process; it very often outweighs the property tax line in a Gulf Coast buyer’s monthly budget, even though Mississippi’s property tax itself remains genuinely low statewide.
Common Mistakes Mississippi Buyers Make With the Numbers
- Applying the millage rate directly to full market value. Mississippi’s 10% assessment ratio means the real bill is a fraction of what that naive math suggests.
- Forgetting to file the Homestead Exemption. It’s not automatic on a new purchase and must be filed with the county tax assessor.
- Assuming Gulf Coast property tax explains a high monthly payment. Harrison County’s tax rate is actually near the statewide average; insurance is almost always the bigger driver there.
- Overlooking the full exemption for totally disabled homeowners and veterans. It’s a complete exemption, not just the standard $7,500 reduction, for those who qualify.
- Comparing counties by millage alone. Home values vary enough across Mississippi that a higher-millage county can still produce a lower dollar bill than a lower-millage one.
Tips for Lowering Your Mississippi Mortgage Payment
- File the Homestead Exemption with your county tax assessor as soon as you close; it’s one of the largest proportional tax reductions available anywhere in this calculator series.
- If a borrower on title is totally disabled or a 100% disabled veteran, confirm eligibility for the full property tax exemption.
- Get a firm homeowners and, if applicable, flood insurance quote before waiving your inspection period if you’re buying on the Gulf Coast.
- Compare combined millage rates across county lines, not just home prices, especially around the Jackson metro.
- Use the extra-payment scenario above; even a modest additional principal payment compounds meaningfully over a 30-year Mississippi loan.
Frequently Asked Questions
How is property tax calculated in Mississippi?
Owner-occupied homes are assessed at 10% of true value, the Homestead Exemption removes the first $7,500 of that assessed value, and the local combined county, municipal, and school district millage rate is applied to what remains.
How much is property tax in Mississippi?
Mississippi’s statewide effective property tax rate runs well below the national average, among the lowest of any state, though it varies by county’s combined millage and local home values.
What is Mississippi’s Homestead Exemption?
An exemption removing the first $7,500 of assessed value from ad valorem property tax for an owner-occupied primary residence, filed once with the county tax assessor.
Do disabled homeowners get a full property tax exemption in Mississippi?
Yes, homeowners who are totally disabled, and veterans with a 100 percent service-connected disability rating, generally qualify for a full exemption rather than just the standard $7,500 reduction.
Does Mississippi have a real estate transfer tax?
No, Mississippi charges no state or local real estate transfer tax.
Why is homeowners insurance so much higher on the Mississippi Gulf Coast?
Hurricane and flood exposure, intensified after Hurricane Katrina, has kept insurance costs elevated in Harrison, Hancock, and Jackson counties, often exceeding the property tax line in a coastal buyer’s monthly budget.
Which Mississippi county has the lowest property tax rate?
Among the state’s larger counties, DeSoto and Rankin generally run lower combined millage than Hinds or Harrison, though many rural counties run lower rates statewide.
What down payment do I need to buy a home in Mississippi?
Conventional loans often start around 5% down, FHA loans typically require 3.5%, and VA loans can allow 0% down for eligible veterans.
When can I remove PMI on a Mississippi home loan?
Federal law allows requesting PMI removal at 20% equity, with automatic lender cancellation at 22% equity based on the original amortization schedule.
Does this calculator include closing costs?
No, this tool estimates the ongoing monthly payment only. Mississippi closing costs typically add a modest percentage of the purchase price, without any transfer tax added.
References
- Mississippi Department of Revenue, Property Tax Division, assessment ratio and Homestead Exemption guidance – dor.ms.gov
- Hinds, DeSoto, Rankin, and Harrison County Tax Assessor offices, current combined millage rates – county government sites
- Mississippi Code § 27-33-1 et seq. (Homestead Exemption)
- Freddie Mac Primary Mortgage Market Survey, weekly national rate averages – freddiemac.com/pmms
Related DexoCalc Tools
This Mississippi mortgage calculator is part of the Mortgage Calculators cluster I am building out on DexoCalc. Start with the national Mortgage Calculator to compare Mississippi against any other state, see another 10%-assessment-ratio state in the Alabama Mortgage Calculator, compare another Gulf Coast state where insurance dominates the budget in the Louisiana Mortgage Calculator, or check a state at the opposite tax extreme in the New Jersey Mortgage Calculator. Browse every state-specific tool as new ones publish on the full Mortgage Calculators hub.
This calculator provides estimates for educational purposes only and is not a loan offer, pre-approval, or substitute for advice from a licensed Mississippi mortgage professional or insurance agent. Property tax, exemption, and insurance figures are approximations that vary by county and individual circumstances; confirm exact figures with your county tax assessor and an insurance agent. Sources: Mississippi Department of Revenue, county tax assessor offices, Freddie Mac.