Affordability Meets Opportunity

The pro-business climate in Iredell, NC, features affordable tax rates and plentiful incentives to stretch your budget and keep your business on the path to success.

Local Taxes

Whether you’ve been in business for a while or are just setting up shop, this section will help you find important tax information in your area.

The following table is the tax rate per $100 of assessed value.  Click here for more information on local taxes.

 

Municipality as of 2019County RateCity/Town RateCombined Rate
Iredell County0.5275N/A0.5275
Statesville City0.52750.48111.0086
Statesville Downtown0.5275(.4811) +.101.1086
Troutman Town0.52750.521.0475
Harmony0.52750.10.6275
Mooresville Town0.52750.581.1075
Mooresville Downtown0.5275(.58) + .161.2675
Love Valley0.52750.250.7775

North Carolina State Taxes

Property Tax

In 2019, NC had the 6th lowest commercial and 10th lowest industrial effective property tax rate in the US.  Real and personal property are only taxed by the local government, with a single property tax assessment in each county.

North Carolina offers a number of property tax exemptions, including

  • Inventories are exempt from property taxes
  • Recycling equipment and facilities used exclusively for recycling and resources are exempt from property taxes.

Corporate Income Tax

NC Corporate Income Tax is 2.5% and of the 44 states that levy a corporate income tax, NC has the lowest rate.

Sales & Use Tax

NC offers a number of sales and use tax exemptions, for examples;

  • Manufacturing machinery and equipment used for
  • Fuel, piped natural gas and electricity used for
  • Raw materials used for manufacturing. Large Fulfillment Facility
  • Large fulfillment facility equipment (Invests more than $100 million and creates 400 jobs). Data Centers
  • Electricity and support equipment at a ‘Qualifying Data Center’
  • Computer software at any data Other Exemptions
  • Pollution control and abatement
  • Equipment for Research and Development in the Physical, Engineering, and Life Sciences companies (NAICS 54171) and Software Publishers (NAICS 5112).

Franchise Tax

$1.50 per $1,000 of the largest base, either:

  • Net worth apportioned to North Carolina;
  • 55% of appraised value of property in the state subject to local taxation; or
  • Book value of real and tangible personal property in the state less accumulated depreciation for tax purposes.

For an S Corporation, the tax rate is $200 for the first $1 million dollars of the corporation’s tax base and $1.50 per $1,000 of the largest tax base that exceeds $1 million.

Personal Income Tax

Personal income tax is 5.25%.  The Standard Deduction is $21,500 for married couples, $16,125 for head of households, and $10,750 for single taxpayers and those married filing separately.

For more information on state taxes visit the North Carolina Department of Revenue.

2.5%
Corporate Income Tax
4.75%
State Sales & Use Tax2020
6.75%
Iredell & NC Combined Sales & Use Tax2020