07/16/2025
What is on my mind you ask.... I don't usually post much but I have dusted off my soap box, so here goes.
Yes George County is growing leaps and bounds...it's been said we are the largest growing county in Mississippi as far as homes are concerned....on average for the past 4 years there have been 300 new split parcels each year.
Every year at the first of July our tax assessor must provide to the board of supervisors a copy of the new land roll/values that will be taxed to each land/home owner for what is know as hearing and corrections or inspection of the land roll. As a property owner this is your time to review, accept as is or request a revaluation of your numbers. Maybe you are being taxed for too many acres...a building that is no longer there....if you don't do this then the state/county must assume that you are accepting what they show and it will be near impossible to adjust until the next year. From what I am told....a great portion of parcels will receive a 30% to 40% increase in value which means higher taxes...even if you were 100% tax exempt last year you may not be this year. Below I am going to post how the formula is done per the Dept of Revenue to calculate property taxes....I'm sure there is more to the method of madness.
As a parent/grandparent and life long resident and business owner in George County I support and encourage growth....but I also agree that it is not necessarily the responsibility of every landowner to be held liable for the cost of some of the growth. It's a push and shove kinda thing.
I also agree that changes are necessary for growth....not all changes are good and with change comes a higher crime rate and our law enforcement needs for both county and city need review and improvement and with that being said...if you were to listen to the scanner you find that a lot of their resources and time are wasted by frivolous calls where common sense should have been used. Of course that is just my opinion.
Here's the formula for calculating land (property) taxes in Mississippi:
True Value x Assessment Ratio x Millage Rate = Taxes
Let's break down each component:
• True Value: This refers to the market value of the property, or what it could realistically sell for under normal conditions.
• Assessment Ratio: This is a percentage of the property's true value that is subject to taxation. In Mississippi, the assessment ratio is 10% for owner-occupied residential properties and 15% for all other types of real estate.
• Millage Rate: Also known as the tax rate, this is the amount of tax owed for every $1,000 of assessed value. Millage rates are set by local taxing authorities like counties, cities, and school districts. One mill is equivalent to $1 of tax for every $1,000 of assessed value.
Here's how these components are used in the calculation:
1. Calculate the Assessed Value: Multiply the true value of the property by the appropriate assessment ratio. For example, if a home has a true value of $100,000 and the assessment ratio for an owner-occupied home is 10%, the assessed value would be $10,000 ($100,000 x 0.10).
2. Determine the Millage Rate: Find the local millage rate that applies to your property.
3. Calculate the Property Taxes: Multiply the assessed value by the millage rate to determine the amount of property taxes owed.
Example
Let's use the example provided by the Mississippi Department of Revenue:
• True Value: $100,000
• Assessment Ratio (owner-occupied): 10%
• Assessed Value: $100,000 x 0.10 = $10,000
If the millage rate is 125 mills, this would translate to $125 for every $1,000 of assessed value. The tax calculation would be:
• Property Taxes: $10,000 x ($125/1,000) = $1,250
Important considerations
• Homestead Exemption: Mississippi offers a homestead exemption that can reduce the assessed value of owner-occupied residential properties, potentially lowering the tax bill. This exemption can reduce the assessed value by up to $7,500, leading to a maximum tax reduction of $300.
• Revaluation: Property values are re-assessed at least every four years by county assessors.
• Exemptions and Credits: Homeowners may qualify for other exemptions (e.g., for seniors or veterans) or tax credits that can further reduce the amount of property taxes owed.
2023-2024 MILLAGE RATES FOR GEORGE COUNTY
(This information was taken from the DOR website)
GENERAL COUNTY 42.55
AD VAL 1 MIL 1.00
ROAD CONST & MAINT 19.15
COUNTY INTEREST & SINKING 0.00
COUNTY SCHOOL 49.57
JUNIOR COLLEGES 4.09
FIRE PROTECTION 0.00
GARBAGE 0.00
OTHER 5.87
TOTAL 122.23
I will end this by saying.....If you have a tax mapping problem...that is what I am here for...I want you information to be correct. Come see me at TAB Map and we will review it.
Luwana
