A Friendly Tax Climate Fostering Economic Growth
Local taxes in Itawamba County are very competitive with other areas of similar size. The Itawamba County Development Council will work with you in answering any questions you may have about local taxes in Itawamba County.
Local taxation is based upon the millage system ($1 of taxes upon every $1,000 of assessed valuation). Listed below is general information about the various county and state taxes in the Itawamba County taxing jurisdiction
For property owned and used by a manufacturer or other commercial entity in conducting business, the assessment rate is 15 percent of true value for land, buildings and equipment. For owner-occuppied property, the assessment rate is 10 percent of true value. The City of Fulton and Itawamba County are the only two taxing districts in Itawamba County (1 mil = $1.00 taxes per $1000 of assessed value). The current tax rates in Itawamba County are:
- City of Fulton – 37.50 mils
- Itawamba County – 25.65 mils
- Itawamba County School District – 63.40 mils
Advalorem Tax Exemptions
Both Fulton and Itawamba County can allow up to 10 years tax exemptions for industry’s land, buildings and equipment. School tax is not exempted.
State Franchise Tax
$2.50 per $1000 of value of capital used, invested or employed in the State.
State Unemployment Compensation Tax
Rates are determined by the experience rating provision of State law. Maximum rate is 5.4%, minimum 0.12%. Rates change yearly, depending on the general factor within the state.
State Income Tax
Taxes for both corporations and individuals are:
- First $5000 of taxable income … 3%
- Next $5000 of taxable income … 4%
- All taxable income of $10,000 … 5%
Tax Credits Against State Income Tax
Qualifying manufacturer’s creating 20% more jobs are allowed state income tax credits of $500 per employee per year with a maximum of 5 years; limited to not more than 50% of taxpayer’s tax liability for said year.
State Sales Tax
Online County Tax Collector Payment Center
Visit the Itawamba County Tax Collector Payment Center where you can renew automobile tags, pay your real estate taxes, and pay your garbage bill.
Industrial Tax Information
The Mississippi State Tax Commission website has several publications available for download and areas of interest. Some of these publications are in PDF format and require Adobe Reader. Taxation information includes the following: