Metro Jackson MS Real Estate Tax Rates Homestead Exemption Tax
To encourage home ownership and help qualifying individuals stay in their homes, Mississippi has enacted the Homestead Exemption Tax. If you're a homeowner who is 65 and older, or you're 100% disabled, you may be exempt from Ad Valoremtaxes. The tax will be limited to the first $7,500 of assessed value of your home.The first year you wish to apply for this special exemption, you'll need to go to your local county Tax Assessor's office and fill out an application between January 1st, but prior or on April 1st. All subsequent years, your Homestead Exemption Tax benefits will automatically be renewed unless your tax status changes. Such changes could include any of the following: - Change in your spousal status such as: death, marriage, divorce or separation
- Change in use of the property or ownership
- You purchased new property
First-Time Homebuyers
If you're thinking of purchasing Metro Jackson MS real estate, this program could be of financial help to you. The Mississippi Home Corporation (MHC) offers financial grants and educational assistance to first-time home buyers or buyers who haven't owned a home in the prior three years.
If you're thinking about purchasing a home in one of the state's targeted counties, you may well be eligible for some help. However, the home you wish to purchase must not exceed the maximum price limit and your income must meet the eligibility requirements. - Teachers are eligible for assistance with no income limits
- Down payment assistance program for both targeted and non-targeted counties with $198,000 price limit.
- Mortgage Credit Certificate – different home price limits for both targeted and non-targeted counties. Loans applied for on or after June 1, 2008.
a) Targeted counties - $289,705
b) Non-targeted counties - $237,031
Pearl River Valley Leasehold Land
The Pearl River Valley Water Supply District owns land along the Pearl River and around the Ross Barnett Reservoir. They have the authority to lease any of this land for 20 years or more and if the lessee requests, they have the option to renew their lease every 10 years. The land must be used for the lessee's home and property taxes are to be paid by the lessee.
Sixteenth Section Public School Trust Lands
The State of Mississippi owns all Sixteenth Section Public School Trust Lands and retains title to it. However, the day to day control of Sixteenth Section Public School Trust Lands is vested in the local School Boards under the supervision of the Secretary of State. All income from Sixteenth Section Land is utilized to further the states' educational purposes. The lessees' pay all of the property taxes throughout the duration of their land lease.
Sixteenth Section Lands are leased and subject to a land classification system. The land classifications include Residential, Commercial, Agriculture, Industrial, Recreational, Forestry, Farms. The Board of Education has the responsibility to approve the lease which cannot exceed 40 years. The annual rent on leased land is determined by the fair market rental of the land; this does not include any buildings or improvements to the land. Mississippi law requires an appraisal to be performed prior to the lease being granted by the Board of Education. Land rents should reflect the current fair market value and all rents are adjusted a minimum of once every 10 years. No matter what the land classification, leased land cannot be sold or swapped, only leased/rented. As to property taxes, if the school district doesn't lease the land, there is no tax paid; if the land is leased it is subject to assessment and payment of Ad Valorem taxes. The lessee is responsible to pay all property taxes; if the lessee should fail to pay all of their taxes, the lease may be cancelled. |