Counties can levy an additional sales tax of no more than 8.5%
Current average sales tax (with local taxes included): 9.54%
Common Exceptions at State Level:
Prescription Medicine: Exempt
Unprepared Foods: Exempt
Gasoline Tax: 38.41 cents/gallon (Includes all state, local, and federal taxes)
Diesel Fuel Tax: 44.41 cents/gallon (Includes all state, local, and federal taxes)
Unprepared foods and prescription medicine may be taxed at the local level.
Personal Income Tax
Personal Income Tax Rate Range: Three brackets from 1.85% to 4.25% (on income over $50,000)
Standard deduction: None
Personal Exemption Allowance: $4,500. Dependent Exemption: $1,000
Itemized Deductions Allowed?: Yes, subject to limitations
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: Federal and state exempt
Active Duty Pay: Taxed to the extent included in federal Adjusted Gross Income; exempt up to $30,000 if serving outside state for 120 consecutive days or more
Military Retirement Pay: Exempt
Military Disability Pay: Exempt
VA Disability Dependency & Indemnity Compensation Benefits: Exempt
Income Tax Comments: *Taxpayers 65 and older may exclude $6,000 of retirement income. Federal income tax deductible.
Local municipalities average .56% of the property's assessed value.
Calculation of assessed value: 10% of fair market value
Relief programs for:
Owner-occupied: $7,500 of assessed value may be excluded.
65 and over/Disabled: Assessed value may be frozen if income is less than $100,000.
Disabled Veterans/Spouse at Least 55: Totally exempt if 100% disability rating. May receive an additional $2,500 exemption if disability rating of 50% or more but below 70%, and $4,500 if disability rating above 70% but below 100%.
Personal Property Tax: Yes. Rates and exemptions vary.