Mississippi housing costs at a glance
| Mississippi | |
|---|---|
| Median home value (Zillow) | $196,000 |
| Average effective property tax | 0.54% |
| Typical rate for a new buyer (calculator default) | 0.7% |
| Average homeowners insurance ($300k dwelling) | $3,348 a year |
| 2026 conforming loan limit (one unit) | $832,750 |
Example: median-priced home
Mississippi home for $196,000, 20% down, 6.5% 30-year fixed: principal and interest $991 + property tax $114 + insurance $279 = about $1,384 a month. Enter your own rate quote and the actual tax rate of the property for a precise figure.
Mississippi property tax: the homestead makes a big difference
Mississippi assesses a primary residence at 10% of its value but other homes, including rentals and second homes, at 15%, and a homestead also gets an exemption on the first part of its assessed value. A home that is not filed as a homestead therefore pays well over 50% more tax. File for the homestead exemption with the county tax assessor by April 1 of the year after you buy. The average effective rate is about 0.54%.
Other Mississippi costs
- No transfer tax: Mississippi does not tax real estate transfers.
- Insurance: about $3,350 a year on average and much more on the Gulf Coast because of hurricanes; flood insurance is extra.
- See also the Mississippi paycheck calculator.
Other states
See also the Mississippi paycheck calculator and mortgage costs in other states.
Frequently asked questions
What is the property tax rate in Mississippi?
About 0.54% of home value on average for homesteads; non-homestead homes are assessed at 15% instead of 10% and pay much more.
What is the monthly payment on a median-priced Mississippi home?
On a $196,000 home with 20% down at 6.5%, principal and interest are about $991; with property tax at 0.7% and average insurance the total is about $1,384 a month.
Does Mississippi have a transfer tax?
No. Mississippi has no real estate transfer tax.
When do I file for the homestead exemption in Mississippi?
By April 1 of the year after you buy and move in, with the county tax assessor.
For information only; not a loan offer. Property tax, insurance and closing costs depend on the specific property and lender.
Sources
- Mississippi Department of Revenue – property tax
- FHFA – 2026 conforming loan limits
- U.S. Census Bureau ACS 2024 – real estate taxes (via NAHB / Construction Coverage)
- Zillow Home Value Index
- Insurify – home insurance by state
Rules checked: October 2026