Understanding Values and Taxes
The State of Mississippi requires each assessor to locate and value all taxable property within his county.

"True Value shall mean and include, but shall not be limited to, market value, cash value, actual cash value, proper value and value for the purposes of appraisal for ad valorem taxation. In arriving at the true value of all class I and class II property and improvements, the appraisal shall be made according to current use, regardless of location."
Mississippi Appraisal Manual

Assessed Value is a percentage of true value. The assessment rate to be used for each class of property to determine the assessed value is set by Mississippi's Constitution.

Five Classes of Property For Assessment Purposes
Class I		Single family, owner occupied, residential real property (Primary Residence*) Assessment Rate = (10%) of value
Class II		All other real property Assessment Rate = (15%) of value
Class III		Personal Property ( business & industrial personal property ) Assessment Rate = (15%) of value
Class IV		Utilities ( appraised either locally or by the State ) Assessment Rate = (30%) of value
Class V		Automobiles ( valued by the State ) Assessment Rate = (30%) of value
		* State Supreme Court No. 89-CA-1192

The amount of tax you pay is determined by the rate applied to your property's assessed value. This tax rate ( millage rate ) is determined annually by all the taxing agencies - municipalities, schools, and the County Board of Supervisors; and depends on how much money is needed to provide all the services you enjoy. The budget amount divided by the assessed value equals the tax rate. The Tax Assessor is not involved in setting the millage rate. It is the assessor's responsibility to see that all assessments are fair and uniform. This will ensure that each property owner is paying only his fair share.

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