There has been a lot of discussion lately on taxes and what millage actually means.
Here is the formula by which you can figure your own taxes:
$50,000 = True Value
15% = Class II Ratio
.08456 = Millage rate of 84.56 mills
True Value X Ratio = Assessed Value
Assessed Value X .08456 = $634.20
In this example, the ad valorem tax is $634.20.
Class I -- 10%
Class II -- 15%
Class III -- 15%
Class IV -- 30%
Class V -- 30%
Class I -- Single-family, owner occupied, residential property.
Class II -- Agricultural, rental, business, and most vacant properties.
Class III -- Business personal property. Includes furniture, fixtures, machinery, equipment, and inventory used by a business for operations.
Class IV -- Public utility property. Examples include property owned by pipeline companies, electric companies, telephone companies, railroads, etc.
Class V -- Motor vehicle property. (When a person purchases a motor vehicle tag in Mississippi, they actually pay three different items: a registration fee, a privilege license, and ad valorem tax. The ad valorem tax is based on the value of the vehicle.)