VICKSBURG USA: MORE THAN YOU EVER IMAGINED
TECH CENTERED, ENTREPRENEURIAL, COOL, HISTORIC, AND FULL OF ART
Tax Profile County
| Tax | Basis | Rate | Agency |
|---|---|---|---|
| Business License | Individual Location | $20+ | Vicksburg City / Warren County |
| Transient Occupancy Tax | Hotel Rate | 10% sales tax rate for hotel rooms | Vicksburg City |
| Utility Tax | N/A | N/A | N/A |
| Property Tax County | Property is assessed at 15% of true value. This assessed value is then multiplied by the millage rate to determine the annual tax liability. |
118.02 (millage) | Warren County |
| Property Tax City | 35.88 (millage) | Vicksburg City |
Source: Warren County & City of Vicksburg
Tax Profile – State of Mississippi
| Tax | Basis | Rate | Agency |
|---|---|---|---|
| Corporate Income Tax | Unless a company is taxable in another state, this tax is based on company net taxable income | First $5,000 of taxable income is taxed at 3% in 2016 and 2017. Starting in 2018 corporation and individuals will progressibly exempt $1,000 of taxable income per year until all $5,000 are exempted by 2022. After 2022, There will be no income tax on the first $5,000 of income. Next $5,000 – $10,000 of taxable income will be taxable income will be taxed at 4% Income in excess of $10,000 will be taxed at 5% | Mississippi State Tax Commission |
| Corporate Franchise Tax | Assessed on the company’s capital value. Calculation is based on: capital stock issued and outstanding; and paid-in- capital, surplus, and trained earnings, including deferred taxes, deferred gains, deferred income, contingent liabilities, and other true reserves. |
$2.50 per $1,000 of Mississippi capital. Important: the first $100,000 of capital value will be exempt from the tax. The corporate franchise tax will be phased out by decreasing the current tax $2.25 for each $1,000 of capital value by 25 cents each year until 2027. Also beginning in 2018. | Mississippi State Tax Commission |
| Sales and Use Tax | All personal property sold within the State are considered taxable unless specifically exempted or assigned reduced rate by State law. Some services are also subject to sale tax. |
Retail sales & use is 7% but the law does allow for a reduced rate for manufacturing machinery, equipment and industrial purposes of 1.5% Sales tax on automobiles is 5% with trucks & tractors taxed at 3% Contractors tax assessed on the construction of commercial real property is calculated as 3.5% of the contractors gross receipts. | Mississippi State Tax Commission |
Source: Mississippi State Tax Commission (updated September 2016)