Retire in Mississippi

Southern Hospitality is alive and well in Mississippi. So if you'd like to retire in Mississippi, no matter where you are from, be prepared to be greeted with open arms.

Mississippi has a variety of terrains to choose from with its’ rolling hills, flatlands, lush forests and over 100 miles of white sandy beaches.

Mississippi offers a wide variety of outdoor activities. There are more than 140 golf courses across the state along with miles of hiking and biking trails. You can also enjoy boating and fishing on one of the many popular lakes and streams. And of course, if you love spending time on the beautiful sunny beaches of the Gulf Coast, the Gulf of Mexico is just a short drive from anywhere in the state.

If you enjoy taking risks, there are Casinos located in Tupelo, just south of Memphis as well as Biloxi along the gulf coast.

With a median home price of about 12% below the national average and a cost of living that’s 3% below the national average, Mississippi is a very affordable place to retire. Real estate can be purchased in the larger, inland metropolitan cities for as little as $10,000 to more than $1.45 million for estate properties. Waterfront homes along the Gulf range from $20,000 up to $6 million. So, you can find a home to fit almost any budget.

The winters are short and mild with average January temperatures around 48 degrees F, which is very appealing but on the other hand, the summers are long, hot and very humid.

Hometown Mississippi Retirement, founded by the state in 1999, screens cities throughout Mississippi and defines cities as Certified Retirement Communities. In order to make the list, a city must:

• Be Affordable

• Have Low taxes

• Have a Low Crime Rate

• Have Quality Medical Care

• Have Lots of Recreation Activities

• Have Educational and cultural opportunities

• It must be a warm and welcoming community

These 21 cities are considered Certified Retirement Communities:

• Aberdeen

• Booneville

• Brandon

• Brookhaven

• Clinton

• Columbus

• Corinth

• Hattiesburg

• Laurel

• Madison

• McComb

• Meridian

• Mississippi Gulf Coast

• Natchez

• Oxford

• Picayune

• Southaven

• Starkville

• Tupelo

• Vicksburg

• West Point

Just remember that even if you think you would like to retire in Mississippi, do your homework and visit the area you'd like to call home before you buy.

Median Home Price: $79,023

Personal Income Tax: Yes
Mississippi collects income taxes from its residents utilizing three tax brackets.

For single taxpayers:
-- 3 percent on the first $5,000 of taxable income.
-- 4 percent on taxable income between $5,001 and $10,000.
-- 5 percent on taxable income of $10,001 and above.

Married couples filing a combined return (i.e., both spouses work) can opt to have each spouse calculate tax liability separately and add the results.

Sales Tax: Yes
--The retail sales and use tax rate in Mississippi is 7 percent plus, additional local sales taxes also are collected.

Property Tax: Yes
Taxable property is divided into five classes and is assessed at a percentage of its true value:
--Class I -- Single-family owner-occupied, residential real property: 10 percent.
--Class II -- All other real property: 15 percent.
--Class III -- Personal property: 15 percent.
--Class IV -- Public service property assessed by the state or county: 30 percent.
--Class V -- Motor vehicles: 30 percent.

Homestead exemptions are available on the first $7,500 of assessed value. The actual amount of exempted tax dollars is limited to $300.

Inheritance and Estate Tax: No

For More Information:Contact the Mississippi State Tax Commission website

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