Olive Branch, MS
Tax Information
Property taxes, state income tax rates, homestead exemptions, and deductions for residents and businesses in Olive Branch, Mississippi.
Homestead Exemption
Homestead Exemption is available upon request to homeowners who reside in the home and pay all local and state taxes in the taxing district in which they reside. You may apply during the months of January, February, and March of each year.
To apply for the first time, you will need:
A copy of your recorded warranty deed.
Your Mississippi car and/or truck tag numbers.
Social security numbers for you and your spouse, if married.
Your closing or settlement statement.
If you are over 65 by January 1st of the filing year, bring proof of birth date to qualify for additional tax exemption.
100% disabled individuals qualify for additional tax exemption. Bring proof of disability from the Veteran's Administration or the Social Security Administration.
State Income Tax Information
Mississippi allows certain exemption amounts depending upon your filing status and other criteria. Below are all exemptions allowed for Mississippi income tax. For more information, visit dor.ms.gov .
Exemption Amounts by Filing Status
Filing Status
Exemption
Married Filing Joint or Combined
$12,000
Married Spouse Deceased
$12,000
Married Filing Separate
$6,000
Head of Family with one or more dependents
$8,000
Single
$6,000
Dependent other than self or spouse
$1,500
Taxpayer over 65
$1,500
Spouse over 65
$1,500
Taxpayer blind
$1,500
Spouse blind
$1,500
Important Notes
For Married Filing Joint or Combined returns, the exemption amount may be divided between spouses in any manner they choose. For Married Filing Separate, any unused portion of the $6,000 exemption by one spouse cannot be used by the other spouse.
For each dependent claimed, you must provide the name, social security number, and relationship to you. A dependency exemption is not authorized for yourself or your spouse. If filing as Head of Family, you must have at least one qualifying dependent listed.
Deductions
You may choose to either itemize individual non-business deductions or claim the standard deduction for your filing status, whichever provides the greater tax benefit. Mississippi allows you to use the same itemized deductions for state income tax purposes as you use for federal income tax purposes—with one exception: state income taxes are not deductible on your itemized deduction schedule.
Standard Deduction Amounts
Filing Status
Standard Deduction
Married Filing Joint or Combined
$4,600
Married Spouse Deceased
$4,600
Married Filing Separate
$2,300
Head of Family
$3,400
Single
$2,300
For Married Filing Joint or Combined returns, the $4,600 standard deduction or the itemized deduction amount may be divided between spouses in any manner they choose. For Married Filing Separate, any unused portion of the $2,300 standard deduction by one spouse cannot be used by the other.
Tax Rates
Mississippi has a graduated tax rate. These rates apply to both individuals and businesses. There is no separate tax schedule for Mississippi income taxes. For paycheck withholding amounts, consult the Withholding Tax Table at dor.ms.gov .
Graduated Income Tax Rate
3%
First $5,000 of taxable income
Lowest bracket
4%
Next $5,000 of taxable income
$5,001 – $10,000
5%
All taxable income over $10,000
Highest bracket
Calculation Example
Single filer — $23,000 taxable income
$5,000 × 3%
$150
$5,000 × 4%
$200
$13,000 × 5%
$650
Total Tax Liability
$1,000
Married filing jointly — $43,000 combined taxable income
$10,000 × 3%
$300
$10,000 × 4%
$400
$23,000 × 5%
$1,150
Total Tax Liability
$1,850
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