TAXES

Overall, North Carolina’s moderate state and local business taxes are lower than neighboring states.  North Carolina does not have an inventory tax collection and the NC Legislature eliminated the intangibles tax in 1995. The corporate income tax rate at 6.9% is lower than many states.

 Franchise tax is levied on Business Corporation, including those electing federal S corporation status, at the rate of $1.50 per $1,000 of the largest of three alternate bases:

1)  The amount of the capital stock, surplus and undivided profits apportionable to the state

2)   55 percent of the appraised value of property in the state subject to local taxation

3)  The book value of real and tangible personal property in the state less any outstanding debt that was created to acquire or improve real property in the state

Only corporations that do business in one or more states in addition to North Carolina are permitted to apportion capital as described under #1 above. 

The minimum franchise tax is $35.

 Workers’ Compensation tax rates and Unemployment Insurance rates in North Carolina are among the lowest in the U.S.  

 

Source:  North Carolina Department of Commerce

 

Lenoir County Tax

 

Lenoir County Sales & Use Tax Rate:  4.75% state + 2% local = 6.75%

as of July 1, 2011.

LENOIR COUNTY 2011-2012 TAX RATES PER $100 ASSESSED VALUATION

COUNTIES AND MUNICIPALITIES Lenoir Grifton (Lenoir Co) Kinston LaGrange Pink Hill
YEAR OF LATEST REVALUATION 2009
COUNTY- WIDE 0.80 0.80 0.80 0.80 0.80
MUNICIPAL SERVICE DISTRICT ... ... *** ... ...
CITY OR TOWN ... 0.55 0.66 0.45 0.55
TOTAL OF ALL JURISDICTIONS 0.80 1.35 1.46 1.25 1.35

NOTE:
Eleven fire districts: North Lenoir, $.045; Hugo, $.04; Grifton, $.03; Mosely Hall, $.04; Southwood, $.06; Deep Run, $.04; Seven Springs, $.04; Sandy Bottom, $.08; Wyse Fork, $.065; Sand Hill, $.07; Cherry Tree, $.08.
***Kinston downtown municipal service district, $.27.
Source: Lenoir County Tax Department

Revised 8/04/11

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101 North Queen Street | Post Office Box 897 Kinston, NC 28501
Phone: 252.527.1963