Mississippi Ranked Lowest for Tax Burden
Jackson, Miss. (January 12, 2012) — Mississippi residents enjoy the lowest tax burden in the nation, according to a ranking by Bloomberg.
The multinational financial news corporation ranked states based on income, property, consumption and inheritance taxes, along with taxes on retirement investments.
“The cost of living in Mississippi and the quality of life in our state have long been major selling points for retirees and others seeking to relocate to the South,” said Diana O’Toole, program manager for the Hometown Retirement Living Program at the Mississippi Development Authority. “This latest ranking demonstrates that Mississippi has even more benefits to offer residents and potential residents compared to other states.”
Bloomberg ranked Mississippi ahead of South Carolina, Tennessee, Alabama and Alaska, which took the second through fifth place rankings respectively. Connecticut, New Jersey, New York, Massachusetts and Maryland were ranked as the states with the highest tax burdens.
“Mississippi’s designation as the state with the lowest tax burden is a great way to promote all regions of the state, and the Mississippi Gulf Coast’s livability in particular, to anyone considering relocation, from college graduates to baby boomers,” said Marcia Crawford, director of information and retiree attraction for the Harrison County Development Commission.
Mississippi has a 5-percent income tax and 7-percent sales tax statewide. Property taxes per capita are $785 and there is no inheritance or estate tax. The state also exempts all individual retirement accounts from income tax and is one of four states that allow citizens to contribute to retirement accounts without paying state income tax on the money.
To read more about Bloomberg’s rankings of state tax burdens, visit www.bloomberg.com/money-gallery/2011-09-14/most-least-taxing-states.html.
To learn more about the Hometown Mississippi Retirement Program or the benefits of relocating to Mississippi, visit visitmississippi.org/travel/retirement/.