State Tax in North Carolina

For single taxpayers:

  1. Six per cent on the first $ 12,750 of taxable income
  2. Seven per cent for a taxable income between $ 12,751 and $ 60,000
  3. 7.75 per cent for a taxable income between $ 60,001 and $ 120,000
  4. Eight per cent for a taxable income of $ 120,001 and over

 

For married/joint taxpayers:

  1. Six per cent on the first $ 21,250 of taxable income
  2. Seven per cent for a taxable income between $ 21,251 and $ 100,000
  3. 7.75 per cent for a taxable income between $ 100,001 and $ 200,000
  4. Eight per cent for a taxable income of $ 200,001 and over

 

State Sales Tax in North Carolina

Presently, the State of North Carolina levies 4.25 per cent Sales Tax. From 1st October 2008 the Sales Tax will be raised to 4.5 per cent. In addition all municipalities levy 2.5 per cent uniformly on all taxable purchases. North Carolina also levies tax on out of State purchases.

Gasoline is taxed at 30 cents per gallon while, diesel is taxed 30 cents per gallon. A pack of 20 cigarettes is taxed at 35 cents.

Property and Inheritance Tax in North Carolina

North Carolina Department of Revenue does not collect property tax. The tax bills are sent by the local counties and are also collected by them. Property tax has to be filed by Jan 31st  of every year on vehicles, real estate, and personal (household) items under annual Schedule B Personal Property Tax. It is important to note that personal property tax is assessed on fair market value with the value assessed in the hundreds of dollars. Veterans and senior citizens have various tax exclusions. North Carolina does not levy any inheritance tax. All tax refunds can be deposited directly to a bank account of the filer’s choice. Project Tax Collect is an initiative by North Carolina Department of Revenue for State Tax compliance in North Carolina.

North Carolina Taxation and Revenue Department

Reginald S. Hinton presently holds the office of Secretary of North Carolina Department of Revenue. The present Deputy Secretary Keith F. McCombs assists Secretary Hinton. In 2004 The State of North Carolina collected $ 14,691,000,000 in revenue. This equated to an average revenue per capita of $ 1,720.01 for the State of North Carolina which is roughly 6.09 per cent.

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