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Current average sales tax (with local taxes included): 9.136%
Common Exceptions at State Level:
Prescription Medicine: Exempt
Unprepared Foods: .125%
Gasoline Tax: 43.20 cents/gallon (Includes all state, local, and federal taxes)
Diesel Fuel Tax: 53.20 cents/gallon (Includes all state, local, and federal taxes)
Personal Income Tax
Personal Income Tax Rate Range: State has two tax brackets. Those making over $84,500 net income pay between 2% and 5%; those making less pay between 0% and 5.5%
Standard deduction: Single Filing Status: $2,200/Married Filing Jointly: $4,400.
Personal Exemption Allowance: $29/Dependent Exemption: $29. (Both taken as tax credit)
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: Taxable at ordinary income tax rates.*
Military Pay
Active Duty Pay: Exempt
Military Retirement Pay: Exempt
Military Disability Pay: Exempt to the extent excluded from Federal Adjusted Gross Income
VA Disability Dependency & Indemnity Compensation Benefits: Exempt
SBP/SSBP/RCSBP/RSFPP: Exempt
Income Tax Comments: *Up to $6,000 of retirement income may be tax-exempt. State allows county- and city-level income tax.
Property Tax
Local municipalities average .62% of the property's assessed value.
Calculation of assessed value: 20% of fair market value; cannot increase more than 5% per year for most properties.
State-Level Relief programs for:
Owner-occupied: May be eligible for credit of up to $375
65 and over or Disabled: Assessed value frozen until sold or improvements made.
Disabled Veteran/Surviving Spouse (not remarried) & dependent children: Full tax exemption if meet certain requirements.
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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