Ad Valorem Taxes
The percentage tax of property value imposed for property owned and used by a manufacturer in conducting business. Generally, land, buildings and equipment are assessed at 15% of true value and 10 % respectfully for owner occupied housing.
The City of Oxford and Lafayette County are taxing districts
($1.00 per $1000 value). The current tax rates are:
- City of Oxford 29.30 mils
- City of Oxford Schools 29.30 mils
- Lafayette County 50.61 mils
- Lafayette Count Schools 68.2 mils
Ad Valorem Tax Exemptions
Both Oxford and Lafayette County 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:
- First $5000 of taxable income ... 3%
- Next $5000 of taxable income ... 4%
- All taxable income of $10,000 ... 5%
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.
