Gasoline Tax: 69.10 cents/gallon (Includes all state, local and federal taxes)
Diesel Fuel Tax: 82.10 cents/gallon (Includes all state, local and federal taxes)
Urban Enterprise Zones are allowed tax relief by allowing some goods to be exempt and allowing qualified retailers to charge 3.475% instead of 6.625%.
Personal Income Tax
Personal Income Tax Rate Range: Seven brackets (eight for Married Filing Jointly) from 1.4% to 10.75% (top rate on income greater than $1,000,000)
Standard deduction: None
Personal Exemption Allowance: $1,000. Dependent Exemption: $1,500, Veterans $6,000
Itemized Deductions Allowed?: Yes, with exceptions
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: Taxable at ordinary income tax rates* (not taxable before age 65)
Active Duty Pay: Taxable (combat-zone pay not taxable by the state if received in 2021 or later)
Military Retirement Pay: Exempt
Military Disability Pay: Exempt
VA Disability Dependency & Indemnity Compensation Benefits: Exempt
Income Tax Comments: *Taxpayer 62 or older with income $150,000 or less can exclude up to $75,000 ($100,000 married filing jointly), income between $100,001 and $125,000 can deduct 37.5% if single (50% married filing jointly), income between $125,001 and $150,000 can deduct 18.75% single (25% married filing jointly). State allows county- and city-level income tax.
Local municipalities average 2.49% of the property's assessed value.
Calculation of assessed value: 100% of fair market value
Relief programs for:
Owner-occupied: Credit programs available based on income.
65 and over or Disabled: May be eligible for tax credit of up to $500 if income less than $150,000. Can be reimbursed for property tax increases based on income (cannot exceed $92,969) and residency requirements. Credits of up to $250 available if income under $10,000.
Veterans/Unremarried Surviving Spouse: Tax credit of up to $250 available.
Disabled Veterans/Unremarried Surviving Spouse: Full exemption if 100% service-connected disability.
Personal Property Tax: Yes. Rates and exemptions vary.
Inheritance & Estate Taxes: Estate tax has been repealed for deaths after Jan. 1, 2018. Deaths prior to that may owe estate tax. Exemptions for some family available. Inheritance tax on $500 or more up to 16%; some family members are exempt.