Oxford, Mississippi

In Mississippi, individuals over age 65 qualify for special tax exemptions for their primary residence. All certified retirement income is exempt from Mississippi state tax.

The cost of living is as attractive as the local scenery. According to nationwide statistics, the cost of living in Mississippi is approximately 10 percents below the national average, and Oxford was recently featured in the new publication Retire in Style, 50 Affordable Places Across America.

Housing

Average home prices in Oxford are approximately 25 percent below the national average at about $215,000.

Oxford offers a variety of housing styles. Grand antebellums and historic homes compliment and influence even the newest developments.

The average price for a 3 bedroom, 2 bath home is $196,000. Small farms may be found just minutes rom the city limits with rural acreage available. New construction in Oxford-Lafayette County cost about $85 - $150 per square foot. Subdivisions on all sides of town have homes priced form $95,000 to $900,000.

Newcomers are pleasantly surprised to find that even resort golf course living is very affordable. A beautifully manicured golf community has home sites available for residential homes and golf villas nestled around fairways of the 450-acre community. The Retiree Attraction Program offers a tour that features housing options and points of interest in the area.

Property Tax

In the state of Mississippi, property tax is relatively low. For example, the annual property tax on a $100,000 home in Oxford is $835. For persons over 65, the same home would have a property tax of approximately $315. The annual property tax on a $200,000 home in Oxford is $1,965. For persons over 65, the same home would have a property tax of approximately $1,435.

Property and automobiles are both subject to ad valorem taxes - meaning that the tax is assessed in relationship to the value of the property. Residential property used as a residence has a homestead credit of $300 against the ad valorem tax. Persons 65 years and older or who are disabled are exempt from ad valorem taxes up to $75,000 of the market value of the homestead property.

Automobiles are assessed at 30% of market value, and the tax is reduced by a percentage assigned by the Legislature.

Your property tax bill includes county, municipal and school taxes. There
is no state ad valorem tax. The market value is determined by the local tax
assessor. Taxes vary from city to city depending upon the local rate
levied.

City

Residents pay an ad valorem tax to both the city of Oxford and Lafayette County. A Separate School District tax for maintenance of the Separate School District is required of city residents.

County

Residents pay an ad valorem tax on real property. If located within the Separate School District but outside Oxford city limits, residents are required to pay a Separate School District tax. If located outside the Separate School District, residents pay a Lafayette County School tax.

State

Mississippi has a 7 percent sales tax.

Income Tax

All income form federal, state or private retirement plans is exempt from state income taxes. Furthermore, after generous exemptions and standard deductions, the state income tax ranges from a low three percent to a high of five percent.

For more information, contact
Christy Knapp, Retiree Attraction Program Director
800-880-6967
retire@oxfordms.com