Unprepared Foods: Grocery staples are exempt, but supplemental items like candy or chips are taxed.
Prepared Foods: 8%
Gasoline Tax: 48.41 cents/gallon (Includes all state, local, and federal taxes)
Diesel Fuel Tax: 55.61 cents/gallon (Includes all state, local, and federal taxes)
Personal Income Tax
Personal Income Tax Rate Range: 5.8% ($0-$23,000; up to $24,500 effective Jan. 1, 2023)/6.75% ($23,001-$54,450; $24,501-$58,049 effective Jan. 1, 2023)/7.15% ($54,451 and over; $58,050 and over effective Jan. 1, 2023)
Standard deduction: Single Filing Status: $12,950. Married Filing Jointly: $25,900
Personal Exemption Allowance: $4,450 (dependents structured as $300 tax credit). Subject to phase-out.
Itemized Deductions Allowed?: Yes, subject to limitations
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*
Active Duty Pay: Taxable to the extent included in federal Adjusted Gross Income
Military Retirement Pay: Exempt
Military Disability Pay: Exempt
VA Disability Dependency & Indemnity Compensation Benefits: Exempt
Income Tax Comments: *Exemptions of up to $25,000 ($30,000 effective Jan. 1, 2023) of retirement income are available; must be reduced by Social Security benefits first. State allows county- and city-level income tax.
Local municipalities average 1.36% of the property's assessed value.
Calculation of assessed value: 100% of fair market value
Relief programs for:
Owner-occupied: $20,000 of assessed value may be excluded.
Property Tax Fairness Credit: Credit of up to $1,000 ($1,500 if 65 and over) if income is less than $42,000 single ($68,000 married filing jointly).
65 and over: May receive tax credit of $1,500.
Disabled Veterans/Over 62 Veterans/Surviving Spouse (not remarried): $6,000 of assessed value may be exempt.
Paraplegic Veteran: $50,000 of assessed value may be exempt if in specially adapted housing.
Over 60: Volunteers may be eligible for a $750 credit.
Deferrals and freeze programs available.
Personal Property Tax: Yes. Rates and exemptions vary.
Inheritance & Estate Taxes: Estates over $6.01 million may be taxed between 8% to 12%.