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Counties can levy sales tax of no more than 6.125%.
Current average sales tax (with local taxes included): 9.2%
Common Exceptions at State Level:
Prescription Medicine: Exempt
Unprepared Foods: .125%
Gasoline Tax: 43.40 cents/gallon (Includes all state, local, and federal taxes)
Diesel Fuel Tax: 53.20 cents/gallon (Includes all state, local, and federal taxes)
Personal Income Tax
Personal Income Tax Rate Range: State has two tax brackets. Those making over $95,501 pay 3.9%; those making less than $92,301 pay between 0% and 3.9%. Tax for those making between $92,301 and $95,900 are taxed with a different formula. Same for married filing jointly.
Standard deduction: Single Filing Status: $2,410
Personal Exemption Allowance: $29/Dependent Exemption: $29. (Both taken as tax credit)
Itemized Deductions Allowed?: Yes. Subject to limitations.
Retirement Income
Social Security: Exempt
IRAs: Taxable at ordinary income tax rates.*
401Ks/Defined contribution employer retirement plans: Taxable at ordinary income tax rates.*
Private pensions: Taxable at ordinary income tax rates.*
Public Pensions: Taxable at ordinary income tax rates.*
Military Pay
Active Duty Pay: Exempt
Military Retirement Pay: Exempt
Military Disability Pay: Exempt
VA Disability Dependency & Indemnity Compensation Benefits: Exempt
SBP/SSBP/RCSBP/RSFPP: Exempt
*Up to $6,000 of retirement income may be tax-exempt for those age 59 1/2 or older.
Income Tax Comments: State allows county- and city-level income tax.
Property Tax
Local municipalities average .57% of the property's assessed value.
Calculation of assessed value: 20% of fair market value; cannot increase more than 5% per year for most properties.
State-Level Relief programs for:
Owner-occupied: May be eligible for credit of up to $500
65 and Over or Disabled: Assessed value frozen until sold or improvements made.
Disabled Veteran/Surviving Spouse/dependent children: Full tax exemption if meet certain requirements.
Personal Property Tax: Yes. Rates and exemptions vary.
Premium and Life members can consult our financial staff for education and consumer advice.
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