Statewide: 4.3% plus a 1% mandated local sales tax.
Local governments can levy an additional sales tax of no more than 1.7%
Current average sales tax (with local taxes included): 5.6%
Common Exceptions at State Level:
Prescription and Over-the-Counter Medicine: Exempt
Unprepared Foods: Exempt at state level, but mandated local tax of 1% applies
Prepared Foods: 5%
Vehicle Tax: 4.15% or $75, whichever is greater.
Gasoline Tax: 58.80 cents/gallon (Includes all state, local, and federal taxes)
Diesel Fuel Tax: 65.90 cents/gallon (Includes all state, local, and federal taxes)
Personal Income Tax
Personal Income Tax Rate Range: Four brackets from 2.0% to 10.00% (on income greater than $1,000,000)
Standard deduction: Single Filing Status: $8,750.
Personal Exemption Allowance: $930. Dependent Exemption: $930. 65 or Older or Blind: $800.
Itemized Deductions Allowed?: Yes, subject to limitations.
Retirement Income
Social Security: Exempt
401Ks/Defined contribution employer retirement plans: Taxable at ordinary income tax rates*
Private pensions: Taxable at ordinary income tax rates*
Public Pensions: Some may be exempt*
Military Pay
Active Duty Pay: Up to $15,000 may be exempt if income less than $30,000. Some National Guard and reservist pay, up to $3,000, may also be exempt.
Military Retirement Pay: $40,000 exempt. Exempt if Medal of Honor recipient.
Military Disability Pay: Exempt
VA Disability Dependency & Indemnity Compensation Benefits: Exempt
SBP/SSBP/RCSBP/RSFPP: $40,000 exempt.
*If born before Jan. 2, 1939, up to $12,000 of income is exempt. If born after Jan. 2, 1939, up to $12,000 is exempt if federal Adjusted Gross Income is less than $50,000 ($75,000 if married filing jointly).
Property Tax
Local municipalities average 0.73% of the property's assessed value.
Calculation of assessed value: 100% of fair market value
Premium and Life members can consult our financial staff for education and consumer advice.
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