The tax climate of Macon County and the State of Tennessee make it an
excellent choice for a new business or industry.
Local Taxes
| |
City of Lafayette |
Macon County |
Property Taxes
(Rate per US$100 value) |
US$0.80 |
US$2.25 |
| Impact Fees |
|
Impact fees are $1.00 per square foot residential and
$0.25 commercial. |
| Ratio of Assessment: |
| Residential: |
25% |
25% |
| Industrial: |
40% |
40% |
| Personal (Equipment): |
30% |
30% |
| |
| Bonded Debt: |
US$3,742,509 |
US$17,779,067 |
| Assessed Valuation |
US$55,809,487 |
US$55,420,622 |
| Bond Rating: |
|
US$1.39 |
State Taxes
Sales Tax for non-food items: 7% (state) + 2.25% (local).
Sales Tax for food items: 6% (state) + 2.25% (local).
Personal Income Tax: 6% on dividends. 0% on wages. 0% on most interest.
Corporate (Excise) Tax: 6% on net earnings.
Franchise Tax: US$0.25 per US$100.00 of capital properties.
Unemployment Tax: New employers 2.7% of first US$7,000.00
|
Incentives
 No state tax on wages.
No inventory tax on finished goods or
work-in-process.
No sales tax on qualified industrial
machinery, distribution equipment and warehouse equipment.
An excise tax credit.
A jobs tax credit.
.... just to name a few! |
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