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Ad valorem is a Latin phrase that translates to according to the value. The essential characteristic of ad valorem tax is that it is proportional to the value of the underlying asset, unlike a specific tax, where the tax amount remains constant, irrespective of the underlying assets value.
Under Mississippi law, families have the right to keep a certain portion of their homestead exempt from creditors. Specifically, the law exempts 160 acres or $75,000 in equity, whichever is lower, from the docHub of creditors.
Mississippi law lists five categories of property that are taxed for ad valorem purposes. Real property (land, buildings, and other permanent improvements to the land) is divided into the first two classes. Class I real property is single-family, owner- occupied, residential property.
The property owner who applies for and is eligible to receive homestead exemption benefits, and who is also over sixty-five years of age or 100% disabled, is totally exempt from residential property taxes on the first $7,500 of assessed value of the property.
For homeowners who are older than 65 or completely disabled, the homestead exemption does not use the regular homestead exemption sliding scale. Rather, state law simply exempts the homeowner from ad valorem taxes for up to $7,500 in assessed value.
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Mississippi Sales Tax on Car Purchases: Mississippi collects a 3% to 5% state sales tax rate on the purchase of all vehicles. In addition to taxes, car purchases in Mississippi may be subject to other fees like registration, title, and plate fees.
Mississippi Property Tax Rules Taxes are based on rates and assessed property values determined during the preceding year. For owner-occupied residential properties the assessed value is equal to 10% of market value (also called true value). The rate for all other real estate is 15%.
Summary. An ad valorem tax is a tax that is based on the assessed value of a property, product, or service. The most common ad valorem tax examples include property taxes on real estate, sales tax on consumer goods, and VAT on the value added to a final product or service.
The applicant must come in person to the Tax Assessors office the first time to file for homestead exemption benefits. Each year after that the homestead exemption benefits are automatically renewed unless there is a change in the filing status.
To apply for Homestead Exemption for the first time, you need to come to the Tax Assessors Office (365 Losher Street, Suite 100, Hernando, MS 38632) and bring the following: A copy of your recorded Warranty Deed. Your Mississippi car and/or truck tag numbers.

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