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Local taxes in Itawamba County are very competitive with other areas of similar size. The Itawamba County Development Council will work with you in answering any questions you may have about local taxes in Itawamba County.
Local taxation is based upon the milage system ($1 of taxes upon every $1,000 of assessed valuation). Listed below is general information about the various county and state taxes in the Itawamba County taxing jurisdiction ADVALOREM TAXES For property owned and used by a manufacturer or other commercial entity in conducting business, the assessment rate is 15 percent of true value for land, buildings and equipment. For owner-occuppied property, the assessment rate is 10 percent of true value. The City of Fulton and Itawamba County are the only two taxing districts in Itawamba County (1 mil = $1.00 taxes per $1000 of assessed value). The current tax rates in Itawamba County are:
ADVALOREM TAX EXEMPTIONS Both Fulton and Itawamba County can allow up to 10 years tax exemptions for industry's land, buildings and equipment. School tax is not exempted. STATE FRANCHISE TAX $2.50 per $1000 of value of capital used, invested or employed in the State. STATE UNEMPLOYMENT COMPENSATION TAX Rates are determined by the experience rating provision of State law. Maximum rate is 5.4%, minimum 0.12%. Rates change yearly, depending on the general factor within the state. STATE INCOME TAX Taxes for both corporations and individuals are:
TAX CREDITS AGAINST STATE INCOME TAX Qualifying manufacturer's creating 20% more jobs are allowed state income tax credits of $500 per employee per year with a maximum of 5 years; limited to not more than 50% of taxpayer's tax liability for said year. STATE SALES TAX Seven Percent.
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