Economic Development

Tax Rates

2012 Tax Rates

County Taxes

 

Real Estate

Nominal tax rate per $100 of assessed valuation

$0.74

Assessment ratio (percent of fair market value taxable)

100%

 

 

Machinery and Tools *Manufacturers Only*

Nominal tax rate per $100 of assessed valuation

$1.55

Value used for tax purposes

Original Cost

Assessment ratio (in years)

1

 

90%

2

80%

3

70%

4

60%

5

50%

6

40%

7

30%

8+

20%

 

Automobiles and Trucks (less than 2 tons)

Nominal tax rate per $100 of assessed valuation

$2.30

Value used for tax purposes

Average Loan

Assessment Ratio

100.00%

 

Utility Purchases

Electric

20 % of minimum charge + $0.01260/kWh ($200 max)

Gas

20% of minimum charge + $0.13842/CCF ($200 max)

 

Tangible Personal Property (Business Furniture and Fixtures)

Nominal tax rate per $100 of assessed valuation

$2.30

Value used for tax purposes

Original Cost

Assessment ratio (in years)

1

 

90%

2

80%

3

70%

4

60%

5

50%

6

40%

7

30%

8+

20%

 

Merchant’s Capital *Non-Manufacturers Only*

Nominal tax rate per $100 of assessed valuation

$0.40

Value used for tax purposes

Original Cost

Assessment ratio (in years)

100.00%

 

Tax Exemptions

Rehabilitated Commercial or Industrial Real Estate

Yes

Certified Pollution Control Property
*Beginning in 2011, this exemption is now state-mandated.

Yes

Energy Conversion and Cogeneration Equipment

No

Certified Solar Energy Property

No

Certified Recycling Equipment

No

 

Town Taxes

Chilhowie

Real Estate

$0.17 per $100 of assessed valuation

Personal Property

$0.30 per $100 of assessed valuation

 

Marion

Real Estate

$0.15 per $100 of assessed valuation

Personal Property

$0.35 per $100 of assessed valuation

Special Downtown Tax

$0.15 per $100 of assessed valuation

 

 

Saltville

Real Estate

$0.12 per $100 of assessed valuation

Personal Property

$0.65 per $100 of assessed valuation