Tax Structure
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
|
.... just to name a few! |
No state tax on wages.
