| |
Depreciation Factor (Determines FMV) |
Assessment Ratio (% of FMV) |
Nominal Tax Rate* |
Effective Tax Rate* |
| Real Estate Tax |
| (Based on assessed market value) |
|
100% |
$0.95 |
$0.95 |
| |
| Personal Property Tax |
| (Based on loan value or percentage of cost) |
|
100% |
$3.60 |
$3.60 |
| |
| Taxes on Automobiles and Trucks of Less than 4,000 lbs. |
| (Based on loan value or percentage of cost) |
|
100% |
$3.60 |
$3.60 |
| |
| Taxes on Trucks of 4,000 lbs. and Greater |
| (Based on original cost) |
New |
90% |
100% |
$3.60 |
$3.24 |
| 1 year old |
70% |
100% |
$3.60 |
$2.52 |
| 2 years old |
60% |
100% |
$3.60 |
$2.16 |
| 3 years old |
50% |
100% |
$3.60 |
$1.80 |
| 4 years old |
40% |
100% |
$3.60 |
$1.44 |
| 5 years old |
30% |
100% |
$3.60 |
$1.08 |
| 6 years old |
20% |
100% |
$3.60 |
$0.72 |
| 7+ years old |
10% |
100% |
$3.60 |
$0.36 |
| |
| Business Tangible Personal Property Tax |
| (Based on original cost) |
Year 1 |
70% |
100% |
$3.60 |
$2.52 |
| Year 2 |
50% |
100% |
$3.60 |
$1.80 |
| Year 3 |
40% |
100% |
$3.60 |
$1.44 |
| Year 4 |
30% |
100% |
$3.60 |
$1.08 |
| Year 5 |
20% |
100% |
$3.60 |
$0.72 |
| Year 6+ |
10% |
100% |
$3.60 |
$0.36 |
| |
| Business Tangible Personal Property Tax (Computer Equipment) |
|
|
| (Based on original cost) |
Year 1 |
50% |
100% |
$3.60 |
$1.80 |
| Year 2 |
40% |
100% |
$3.60 |
$1.44 |
| Year 3 |
20% |
100% |
$3.60 |
$0.72 |
| Year 4 |
10% |
100% |
$3.60 |
$0.36 |
| Year 5 |
5% |
100% |
$3.60 |
$0.18 |
| Year 6+ |
1% |
100% |
$3.60 |
$0.04 |
| |
| Machinery & Tools Tax |
| Based on original cost) |
1 to 10 years |
25% |
100% |
$1.00 |
$0.25 |
| 11 to 20 years |
20% |
100% |
$1.00 |
$0.20 |
| 21+ years |
15% |
100% |
$1.00 |
$0.15 |
| |
| Business Intangible Personal Property Tax |
| (Intangible assets, furniture & equipment owned by manufacturers, broadcasters, well-drilling, and dry cleaning businesses but not used in the manufacturing, broadcasting, well-drilling, or dry cleaning processes) |
Exempt |
Exempt |
| |
|
|
|
* Per $100 of Assessed Value |
| Business Licenses |
| |
(Based on) |
|
|
|
|
| Business and Personal Service |
Gross Receipts |
|
100% |
$0.20 |
$0.20 |
| Professional Service |
Gross Receipts |
|
100% |
$0.20 |
$0.20 |
| Repair Service |
Gross Receipts |
|
100% |
$0.20 |
$0.20 |
| Retail Merchant |
Gross Receipts |
|
100% |
$0.19 |
$0.19 |
| Contractor |
Gross Receipts |
|
100% |
$0.14 |
$0.14 |
| Wholesale Merchant (capped at $20,000 max. per license) |
Gross Purchases |
|
100% |
$0.10 |
$0.10 |
| |
| Note: For each of the above business license categories, the minimum tax is $10 if the basis (gross receipts, or gross purchases for wholesale merchants) equals or exceeds $10,000. If the basis is less than $10,000, there is no tax. If the basis equals or exceeds $200,000, the first $200,000 shall be excluded from the taxable basis before applying the tax rate. |
| |
| Sales and Use Taxes |
| Local Sales Tax |
|
|
|
1.00% |
1.00% |
| |
| Taxes on Monthly Utility Bill |
| (Residential Rates) |
| Electric |
$1.40 plus the rate of $0.015062 per kWh, not to exceed $2.00 per month, remitted monthly. |
| Gas |
$2.00 per month, remitted monthly. |
| Communications Sales Tax |
5% of monthly landline and wireless telephone bills, remitted monthly. |
| E-911 tax on landline telephone |
$0.75 per landline telephone line per month, remitted monthly. |
| |
| (Commercial Rates) |
| Electric: Commercial User |
$1.15 plus the rate of $0.007023 on the first 2,684 kWh, $0.000508 on 2,685 to 195,597 kWh, and $0.000367 on the remaining balance delivered monthly. |
| Electric: Industrial User |
$1.15 plus the rate of $0.010995 on the first 1,714 kWh, $0.000758 on 1,715 to 131,002 kWh, and $0.000167 on the remaining balance delivered monthly. |
| Gas |
$2.00 plus the rate of $0.010010 on the first 50,000 CCF plus $0.00005 on the remaining balance delivered monthly. |
| Communications Sales Tax |
5% of monthly landline and wireless telephone bills, remitted monthly. |
| E-911 tax on landline telephone |
$0.75 per telephone line per month, remitted monthly. |
| |
| Taxes on Monthly Utility Bill (Electric and Natural Gas) – Consumption Tax per consumer |
| (Residential Rates) |
| Electric |
Electricity consumed per month not in excess of 2,500 kWh: tax rate is $0.00038 per kWh, remitted monthly. Electricity consumed per month in excess of 2,500 kWh but not in excess of 50,000 kWh: tax rate is $0.00024 per kWh, remitted monthly. Electricity consumed per month in excess of 50,000 kWh: tax rate is $0.00018 per kWh, remitted monthly. |
| Gas |
Natural gas consumed per month not in excess of 500 CCF: tax rate is $0.004 per CCF, remitted monthly. |
