Taxes in Olive Branch, Mississippi
Complete tax guide for Olive Branch, MS. State income tax up to 5%, 0.81% property tax, 7.17% sales tax. Calculate your total tax burden.
State Income Tax
5%
Mississippi
Property Tax
0.81%
Effective rate
Sales Tax
7.17%
Combined rate
Tax Burden
Moderate
Olive Branch, MS Tax Overview
Population
40,608
Median Income
$58,000
Cost of Living
90.2 (100 = avg)
State Income Tax
5%
Median Home Price
$225,000
Olive Branch Tax Calculator
Pre-filled with Olive Branch median: $58,000
Total Tax Burden in Olive Branch
$12,259
Take-Home: $45,742 · Effective Rate: 21.14%
Federal Tax
$4,922
8.49% eff.
MS State
$2,900
5.00% eff.
FICA
$4,437
7.65% eff.
Take-Home
$45,742
78.86% kept
Tax Breakdown
| Item | Annual | Monthly |
|---|---|---|
| Gross Income | $58,000.00 | $4,833.33 |
| Federal Income Tax | -$4,921.50 | -$410.13 |
| Mississippi State Tax | -$2,900.00 | -$241.67 |
| Social Security (6.2%) | -$3,596.00 | -$299.67 |
| Medicare (1.45%) | -$841.00 | -$70.08 |
| Take-Home Pay | $45,741.50 | $3,811.79 |
Property Tax in Olive Branch
Median Home
$225,000
Annual Tax
$1,823
Monthly Tax
$152
Effective Rate
0.81%
Sales Tax in Olive Branch
Combined Rate
7.17%
State Portion
~4.7%
Local Portion
~2.5%
The combined sales tax rate in Olive Branch is 7.17%, which is above the national average of 7.12%. On a $100 purchase, you would pay $7.17 in sales tax.
Tax Burden Comparison
| Tax Type | Olive Branch | Mississippi Avg | National Avg |
|---|---|---|---|
| Income Tax | 5% | 5% | 4.6% |
| Property Tax | 0.81% | ~0.81% | 1.1% |
| Sales Tax | 7.17% | ~7.17% | 7.12% |
| Overall Burden | Moderate | — | Moderate |
Tax Saving Tips for Olive Branch Residents
- Mississippi's income tax rate of 5% is competitive. You may still benefit from maximizing 401(k) contributions ($23,500 limit) to reduce your taxable income at both state and federal levels.
- Property tax in Olive Branch (0.81%) is below the national average of 1.1%. This makes homeownership more affordable here relative to property tax burden.
- Use a Health Savings Account (HSA) if eligible. Contributions are tax-deductible ($4,300 individual, $8,550 family), growth is tax-free, and withdrawals for medical expenses are tax-free.
Other Cities in Mississippi
Calculate Your Full Mississippi Tax Burden
See detailed state tax brackets, FICA breakdown, and compare to neighboring states.
Frequently Asked Questions
What are the tax rates in Olive Branch, MS?
Olive Branch, Mississippi has a state income tax rate up to 5%. The property tax rate is 0.81% and the combined sales tax rate is 7.17%.
How much is property tax in Olive Branch?
The effective property tax rate in Olive Branch is 0.81%. On the median home price of $225,000, this equals approximately $1,823 per year or $152 per month. This is below the national average of 1.1%.
What is the sales tax rate in Olive Branch?
The combined sales tax rate in Olive Branch is 7.17%, which includes both state and local components. This is above the national average combined rate of approximately 7.12%.
How does Olive Branch's tax burden compare to other cities?
Olive Branch has a moderate overall tax burden. The effective total tax rate for a median-income household is approximately 25.5%. The combination of 5% state income tax, 0.81% property tax, and 7.17% sales tax determines the total burden. Cost of living index is 90.2 (100 = national average).
Are there any local taxes in Olive Branch?
Olive Branch does not impose a separate local or city income tax. Residents pay the state income tax of 5%, federal income tax, and FICA (Social Security and Medicare).