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Counties can levy an additional sales tax of no more than 8.5%
Current average sales tax (with local taxes included): 10.2%
Common Exceptions at State Level:
Prescription Medicine: Exempt
Unprepared Foods: Exempt
Utilities: Exempt
Gasoline Tax: 39.33 cents/gallon (Includes all state, local, and federal taxes)
Diesel Fuel Tax: 45.33 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: 3%
Standard deduction: $12,500
Personal Exemption Allowance: None
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: Federal and state exempt
Military Pay
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
SBP/SSBP/RCSBP/RSFPP: Exempt.
*Taxpayers 65 and older may exclude $6,000 of retirement income. Federal income tax deductible.
Property Tax
Local municipalities average .55% of the property's assessed value.
Calculation of assessed value: 10% of fair market value
Relief programs for:
Owner-Occupied: $75,500 of assessed value may be excluded.
65 and Over/Disabled: Assessed value may be frozen if income is less than $100,000.
Disabled Veterans: Totally exempt if 100% disability rating. May receive an additional exemption if disability rating of 50% or more.
Servicemembers/Disabled Veterans/Surviving Spouses: May be eligible for deferral.
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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