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Mississippi car tag tax very high
Source:
northsidesun.com
- Jul 27, 2017
New residents in the Magnolia State often get a taste of sticker shock when they have to pay for their license plates, and those costs are going up.
What makes Mississippi tags so expensive is the ad valorem property tax, levied by counties, municipalities and school districts. While each local government entity can control millage, the Mississippi Legislature controls the rate of assessment, which is 30 percent for vehicles. This is reduced over 10 years to account for depreciation. The minimum assessment of a vehicle's value is $100.
The Tax Foundation, in its last report on tangible personal property taxes in 2012, rated Mississippi's individual burden of $525 fourth-worst in the nation, just behind Virginia, Rhode Island and Missouri.
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Category: General Business
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