Taxes

Taxes – Key Factor Summary

  • Neither North Carolina nor Pitt County levies an inventory tax.  In addition, there are no estate or inheritance taxes.
  • North Carolina has a low per capita tax burden
  • State and local taxes are well balanced between corporate and individual taxpayers
  • Maximum state corporate tax rate is 5.0% for 2015.  The tax rate will be reduced to 4% in 2016.
  • Current County property tax rate is $.686/$100 based on 2016 values
  • Neither Pitt County nor any of its communities levy an income tax
  • North Carolina levies a 4.75% retail sales tax
  • Pitt County levies a 2.25% local sales tax, more than half of which is allocated for public schools
  • Corporations commencing business in 2016 are subject to an employment security tax of 1.0% during the first year and based on an experience rating thereafter