TAXES (May 2023)
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 2022/2023.
PROPERTY TAX / $100 VALUATION (2022/2023)
| Location | Property Tax Rate |
|---|---|
| Davidson County | $0.54 |
| City of Lexington | $0.65 |
| City of Thomasville | $0.62 |
| 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)
2.25% (Davidson County)
7% (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
2.50% (Tax Year 2023) – lowest Corporate Income Tax rate in U.S.
(Single Sales-Factor Apportionment)
NC PERSONAL INCOME TAX
5.499% (Tax Year 2021)
INCENTIVES (May 2023)
Local Economic Development Grant Programs
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
