TAXES (July 2022)
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 2021/2022.
PROPERTY TAX / $100 VALUATION (2021/2022)
| 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 2022) – lowest Corporate Income Tax rate in U.S.
(Single Sales-Factor Apportionment)
NC PERSONAL INCOME TAX
4.99% (Tax Year 2012)
INCENTIVES (July 2022)
Local Economic Development Grant Programs
State of North Carolina Incentives Program
- 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
