This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

Closing Date Prorations in Mississippi

In Mississippi, closing date prorations for property taxes are governed by the statutory rate of 8% under Miss. Code § 27-41-1. This means that when real estate closes, the seller’s share of annual property taxes is calculated by applying an 8% multiplier to the property’s assessed value, then prorating that amount based on the number of days the seller owned the property during the tax year. The resulting figure represents the seller’s tax liability through the closing date, which is then credited to the buyer at closing. The exact calculation depends on the property’s assessed value and the closing date. The worked example below demonstrates this proration. To estimate your own proration, use the calculator on the official source at https://www.dor.ms.gov/property.

Governing authority

In Mississippi, the closing date prorations rule is set by Miss. Code § 27-41-1. The verified packet cites Miss. Code § 27-41-1 (https://www.dor.ms.gov/property).

Mississippi closing date prorations: the verified value is 8% under Miss. Code § 27-41-1. The verified packet cites Miss. Code § 27-41-1 (https://www.dor.ms.gov/property).

Estimate your own result: every situation has exceptions that can change the outcome. Use the closing date prorations calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.