Rate Breakdown

Property taxes in Franklin County are calculated by multiplying the assessed value (minus exemptions) by the total local millage rate.

How Property Tax Works in Franklin County

Property taxes in Franklin County, Mississippi, are based on the ad valorem system, meaning taxes are calculated according to the assessed value of the property. The process begins with the County Tax Assessor, who determines the fair market value of your real estate and improvements. In Mississippi, the assessed value is a percentage of the fair market value, which varies depending on the property type (e.g., residential, agricultural, or commercial).

Once the assessed value is determined, the county applies a millage rate. A "mill" represents one-tenth of a cent per dollar of assessed value. The total tax bill is the result of multiplying the assessed value by the combined millage rates of the county, city, and school districts. Because millage rates can fluctuate annually based on local budget requirements, your tax liability may change even if your property value remains stable.

Available Exemptions

Mississippi offers several exemptions designed to reduce the tax burden on eligible homeowners. These exemptions lower the taxable value of the property, resulting in lower overall payments. Common exemptions include:

• Homestead Exemption: Available to primary residents, this is the most common exemption and provides a significant reduction in the assessed value of the home and a small portion of the surrounding land.
• Senior Citizen Exemption: Additional tax relief may be available for residents who have reached a specific age threshold.
• Disability Exemption: Homeowners with qualifying permanent disabilities may apply for a reduction in their property tax liability.
• Veteran Exemptions: Special considerations and exemptions are often available for disabled veterans or those who served in specific capacities.

Payment Schedule & Deadlines

Property taxes in Franklin County are typically billed annually, with notices mailed to the owner of record. It is critical to adhere to the state-mandated deadlines to avoid financial penalties.

• Payment Deadlines: Taxes are generally due by the fall deadline. Failure to pay by the specified date results in the account becoming delinquent.
• Installment Options: While most taxes are paid in a single lump sum, some taxpayers may qualify for specific payment arrangements through the Tax Collector's office.
• Late Consequences: Delinquent accounts accrue interest penalties. If taxes remain unpaid for an extended period, the county may initiate a tax sale to recover the owed funds.

Appealing Your Assessment

If you believe your property has been overvalued by the Tax Assessor, you have the right to appeal. The process typically begins with filing a formal notice of appeal with the County Board of Supervisors or the designated assessment review board. You should be prepared to provide evidence to support your claim, such as a recent independent appraisal or a list of comparable properties in your neighborhood that have sold for less than your assessed value.