Who retires to Mississippi?
Parts of Mississippi are nice hilly, wooded areas. And like most areas, once you get clear of the cities
, people are nice.
It's just too dang hot down there. https://www.topretirements.com/state/mississippi.html
Economy and Home Prices
Mississippi's median household income at $39,464 is the lowest of any state. By comparison, the U.S. median household income is $53,482 . Median home prices are much less expensive than in rest of the U.S. According to Zillow in 2016 the statewide Home Value Index was $114,400 vs. $189,000 for all of the U.S. The median home in Jackson, the state capital, sold for $176,500 in late 2016 (NAR). Mississippi is the lowest cost places to live in the U.S. - ranked #1 by MERIC.
Tax Burden: The state is considered one of the most tax friendly
in the country. The Mississippi tax burden is just under 9%, the 41st highest in the country. At 7.6% the total tax burden in Jackson is a very low compared to the median rate for large U.S. cities.
Marginal Income Tax Rates. Mississippi has one of the lowest income tax rates that ranges from 3.0% to 5.0%, although the highest rate kicks in at a low income of $10,000. Social Security benefits are not taxed.Retirement Income Exemptions. Mississippi has an active tax plan to attract retirees to the state. There is no state income tax on qualified retirement income, including Social Security. The same goes for distributions from 401ks, 403ks, and IRAs. Military income is exempt.
Sales Tax: State sales tax is a relatively high 7%.
Property Taxes: There is a bonus exemption of on the first $75,000 true value on property taxes for people 65 and over.
This is one of the most generous senior exemptions in the country.
Homestead Exemption. There is a homestead exemption.
Estate and/or Inheritance Taxes. There is no inheritance tax.
An estate tax is imposed if the estate exceeds the exemption of $1,000,000.