TAXES (July 2018)

    The property tax rate in Davidson County is among the lowest in North Carolina. Property taxes fund education, public safety, parks and recreation and social services. Taxable Fire Districts throughout the county generate revenue to serve fire rescue services. The Davidson County Property tax rate is $0.54/$100 valuation for 2018/2019.

     

    PROPERTY TAX / $100 VALUATION (2018/2019)

    Location Property Tax Rate
    Davidson County $0.54
    City of Lexington $0.65
    City of Thomasville $0.60
    Town of Denton $0.60
    Town of Wallburg $0.05
    Town of Midway $0.05
     

    Taxable Fire Districts

    Local fire tax may also apply to locations outside of municipal jurisdiction. These tax rates range from $0.04 to $0.11 per $100 of value.

     

    SALES AND USE TAX

    4.75% (State of NC)
    2.00% (Davidson County)
    6.75% (Combined Sales Tax Rate)

    General Manufacturing Sales and Use Tax Exemptions (NCGS 105-164.13):

    • Machinery and Equipment
    • Electricity, Fuel and Natural Gas
    • Raw Materials
    • Municipal Water and Sewer
    • Pollution Control and Abatement Equipment and Chemicals purchased for abatement purposes
     

    INVENTORY TAX

    There is no inventory tax in North Carolina

     

    NC CORPORATE INCOME TAX

    3.0% (Tax Year 2017) – lowest Corporate Income Tax rate in U.S.

    2.75% (Tax Year 2018) plus fully-phased in Single Sales-Factor Apportionment

    2.50% (Tax Year 2019)

     

    NC PERSONAL INCOME TAX

    5.499% (Tax Year 2017)

    5.499% (Tax Year 2018)

    5.250% (Tax Year 2019)

     

    INCENTIVES (July 2018)

    Local Economic Development Grant Programs

    Davidson County and its municipalities offer grant programs that provide an incentive to new and expanding manufacturing and related companies for new capital investment and new jobs. The grants are typically based on a multiplier of the capital investment put in place for building and/or equipment and paid over a number of years.

     

     

    State of North Carolina Incentives Program

    The State of NC offers a variety of programs to new and expanding companies customized to the needs of the individual company. Incentive Programs include:
    • One NC Fund Grant
    • Job Development Investment Grant
    • Building Reuse Grant Programs
    • Public Infrastructure Grant Programs
    • NC Commerce and Transportation Joint Economic Development Grant Program
    • NC DOT Industrial Rail Access Program
    • NC Community College System Customized Training Programs
    • Workforce Development Programs
    • Tax Exemptions for Fulfillment, R&D, Data Centers

    https://edpnc.com/relocate-or-expand/incentives/