TAXES
Basic business taxes in North Carolina include a franchise tax of $1.50 per $1,000 on issued and outstanding stock allocated to North Carolina operations, a 7.25% tax on corporate net income (allocated by sales, payroll, and property), and a sales tax (4.25% to State and 2.5% locally, where applicable) with reduced rates for certain industrial purchases. No state tax on real or personal property has been levied for years.
While all property (real and personal, including intangibles) is subject to local taxes in North Carolina, inventories of manufacturers are specifically exempt. In the Carolinas Gateway Partnership area, taxes on real estate typically equate to no more than 1.5% annually on market value. (Real estate tax abatement is prohibited by state constitution.)
Property Taxes for 2009-10 (per $100 valuation)
Edgecombe County $.86 Nash County $.67
Town of Tarboro $.36 City of Rocky Mount $.55
Town of Pinetops $.31 Town of Nashville $.51
Town of Macclesfield $.37 Town of Sharpsburg $.50
Town of Whitakers $.69 Town of Spring Hope $.57
Town of Conetoe $.16
Sales Tax
State 4.25%
Local 2.5%
Total 6.75%