Page 32 - Discover Hancock County
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Parade of Homes 2026
Cost of Living
Tax Advantages
Mississippi residents enjoy one of
the lowest tax burdens in the nation
• No Tax on Retirement Income
• No Estate Tax
according to a ranking by Kiplinger’s
Personal Finance Magazine. They
ranked Mississippi as the #1 most tax-
friendly state in the nation for retirees
and among the top 2 states for low
median property taxes.
Mississippi has a tiered income rate
structure of 3%, 4%, and 5% - the first
$5,000 of taxable income is taxed at
3%, the second $5,000 at 4%, and over
$10,000 is taxed at 5%. Property taxes
per capita are $785 annually and only
assessed at the local level.
There is no state property tax. There
is no inheritance or estate tax. There
is no tax on Social Security income.
• No Gift Tax
• No State Real Estate Tax
• No Intangible Personal
Property Tax
• No Local Income Tax
•
Bonus Exemption on
Local Property Tax
The state also exempts all individual
retirement accounts from income tax
and is one of four states that allow
citizens to contribute to retirement
accounts without paying state income
tax on the money.
32 Discover Hancock County hancockchamber.org
