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 6.0% for 2014. The tax rate will be reduced to 5% in 2015.
- Current County property tax rate is $.68/$100 based on 2012 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 2014 are subject to an employment security tax of 1.2% during the first year and based on an experience rating thereafter
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