Local governments cannot levy any additional sales tax
Common Exceptions at State Level:
Prescription: Exempt
Clothing: Exempt if under $250
Unprepared Foods: Exempt
Prepared foods: 8%
Gasoline Tax: 56.52 cents/gallon (Includes all state, local, and federal taxes)
Diesel Fuel Tax: 62.52 cents/gallon (Includes all state, local, and federal taxes)
There is a mandatory 1% tax on eat-out meals and beverages.
Personal Income Tax
Personal Income Tax Rate Range: 3.75% (on income up to $82,050); 4.75% ($82,051 to $186,450); 5.99% (on income greater than $186,450)
Standard deduction: Single Filing Status: $11,200.
Personal Exemption Allowance: $5,250. Dependent Exemption: $5,250 (phase-out begins at $261,000 income)
Itemized Deductions Allowed? No
Retirement Income
Social Security: Exempt if meet three requirements: 67 or older and income below $107,000 (single filers) or $133,750 (married filing jointly) and a portion of Social Security is taxable at the federal level.*
IRAs: Taxable at ordinary income tax rates*
401Ks/Defined contribution employer retirement plans: Taxable at ordinary income rates*
Private pensions: Taxable at ordinary income rates*
Public Pensions: Taxable at ordinary income rates*
Military Pay
Active Duty Pay: Taxable to the extent included in federal AGI
Military Retirement Pay: Exempt
Military Disability Pay: Exempt
VA Dependency & Indemnity Compensation Benefits: Exempt
SBP/SSBP/RCSBP/RSFPP: Exempt
*Taxpayers 65 and over may exempt up to $50,000 if meet certain income requirements. IRAs excluded.
Property Tax
Local municipalities average 1.21% of the property's assessed value.
Calculation of assessed value: 100% of fair market value.
Relief programs for:
65 and Over or Disabled: Up to a $700 credit if meet income requirements. Other exemptions may be available at the county level. Freezes available.
Personal Property Tax: Yes. Rates and exemptions vary.
Inheritance & Estate Taxes: Estates over $1,838,056 are taxed at a maximum rate of 16%; spouses are exempt. There is no inheritance tax.
Premium and Life members can consult our financial staff for education and consumer advice.
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