Municipal Taxes
“Ad valorem” is a Latin phrase meaning “according to worth.” Ad valorem taxes are levied on real property and personal property and are collected on an annual basis by the local governments. Collection of the taxes for the current year begins in December for the tax year January through December, and taxes are due without penalty by February 1. The Winston County Tax Assessor establishes the value of the property or “true value”. The Board of Aldermen and other taxing authorities set the millage rates for the city and school taxes and the Winston County Board of Supervisors sets the millage rates for the county.
The City of Louisville collects taxes for the city and school on property inside the city limits, and the Winston County Tax Collector collects taxes for the county and school on property outside the city limits. The City of Louisville acts as the taxing authority for the Louisville Municipal School District and through interlocal agreements among the city, county and school, the school money is collected and settled to the school.
Millage is the rate used to calculate taxes based upon the value of property, expressed in mills per dollar of property value. A mill is one tenth (0.1) of one cent or .001 of one dollar. By September 15th of every year, the millage is set for the current year collections which start in December.
A history of assessed valuation states that in 1986 the voters of the State of Mississippi approved an amendment to state law which established certain classes of property and related assessment ratios for property taxation purposes. This amendment sets forth five classes of property as follows:
Class I – Single-family, owner occupied, residential real property-ten percent (10%)of true value;
Class II- All real property except that of public utilities and single-family, owner occupied property- fifteen percent (15%) of true value;
Class III- All personal property except motor vehicles and personal property of public utilities- fifteen percent (15%) of true value;
Class IV- All public utility property- thirty percent (30%) of true value; and
Class V- Motor vehicles- thirty percent (30%) of true value.
The entire State completed a reappraisal at that time (1986), and is reappraised every four years. All property is now appraised at true value and taxes are based on the assessment ratios above.
How are taxes calculated? An example of figuring taxes on your home or property is as follows:
$100,000.00 Value of homesteaded house
X 10% Percentage of Class I
$10,000.00 Assessed value for taxes
X .001 Value of one (1) mill
$ 10.00 Tax on one (1) mill on a homesteaded house
$100,000.00 Value of non-homesteaded house, business, or property
X 15% Percentage of Class II
$ 15,000.00 Assessed value for taxes
X .001 Value of one (1) mill
$ 15.00 Tax on one (1) mill on a non-homesteaded house, business, or property
A person or family is allowed a homestead exemption on the house that they live in and must sign up for that homestead exemption from January 1 through March 31 at the Winston County Tax Collectors Office. You only have to sign one time unless there is a change or when you turn 65 years of age. You can not sign up for the over 65 allowance until January after you have turned 65.
For businesses, personal property inventory forms or rendition forms are sent out in January by the Winston County Tax Collector and are due back to the county by April 1st of each year. There is a 10 % penalty if the form is late. Personal property is also reassessed every four years.
Tax statements are mailed out to the owner’s last recorded address as it appears on the tax roll. It is the responsibility of each property owner to see that their taxes are paid, and that they do indeed receive a tax bill. In the case where the property owner’s taxes are paid through an escrow account, the mortgage company should request the tax bill from the City Clerk or the county Tax Assessor and the property owner will not receive a statement in the mail unless requested.
“Ad valorem” is a Latin phrase meaning “according to worth.” Ad valorem taxes are levied on real property and personal property and are collected on an annual basis by the local governments. Collection of the taxes for the current year begins in December for the tax year January through December, and taxes are due without penalty by February 1. The Winston County Tax Assessor establishes the value of the property or “true value”. The Board of Aldermen and other taxing authorities set the millage rates for the city and school taxes and the Winston County Board of Supervisors sets the millage rates for the county.
The City of Louisville collects taxes for the city and school on property inside the city limits, and the Winston County Tax Collector collects taxes for the county and school on property outside the city limits. The City of Louisville acts as the taxing authority for the Louisville Municipal School District and through interlocal agreements among the city, county and school, the school money is collected and settled to the school.
Millage is the rate used to calculate taxes based upon the value of property, expressed in mills per dollar of property value. A mill is one tenth (0.1) of one cent or .001 of one dollar. By September 15th of every year, the millage is set for the current year collections which start in December.
A history of assessed valuation states that in 1986 the voters of the State of Mississippi approved an amendment to state law which established certain classes of property and related assessment ratios for property taxation purposes. This amendment sets forth five classes of property as follows:
Class I – Single-family, owner occupied, residential real property-ten percent (10%)of true value;
Class II- All real property except that of public utilities and single-family, owner occupied property- fifteen percent (15%) of true value;
Class III- All personal property except motor vehicles and personal property of public utilities- fifteen percent (15%) of true value;
Class IV- All public utility property- thirty percent (30%) of true value; and
Class V- Motor vehicles- thirty percent (30%) of true value.
The entire State completed a reappraisal at that time (1986), and is reappraised every four years. All property is now appraised at true value and taxes are based on the assessment ratios above.
How are taxes calculated? An example of figuring taxes on your home or property is as follows:
$100,000.00 Value of homesteaded house
X 10% Percentage of Class I
$10,000.00 Assessed value for taxes
X .001 Value of one (1) mill
$ 10.00 Tax on one (1) mill on a homesteaded house
$100,000.00 Value of non-homesteaded house, business, or property
X 15% Percentage of Class II
$ 15,000.00 Assessed value for taxes
X .001 Value of one (1) mill
$ 15.00 Tax on one (1) mill on a non-homesteaded house, business, or property
A person or family is allowed a homestead exemption on the house that they live in and must sign up for that homestead exemption from January 1 through March 31 at the Winston County Tax Collectors Office. You only have to sign one time unless there is a change or when you turn 65 years of age. You can not sign up for the over 65 allowance until January after you have turned 65.
For businesses, personal property inventory forms or rendition forms are sent out in January by the Winston County Tax Collector and are due back to the county by April 1st of each year. There is a 10 % penalty if the form is late. Personal property is also reassessed every four years.
Tax statements are mailed out to the owner’s last recorded address as it appears on the tax roll. It is the responsibility of each property owner to see that their taxes are paid, and that they do indeed receive a tax bill. In the case where the property owner’s taxes are paid through an escrow account, the mortgage company should request the tax bill from the City Clerk or the county Tax Assessor and the property owner will not receive a statement in the mail unless requested.