Business Costs
North Carolina State Taxes
2.5% Corporate Income Tax Rate, lowest in the United States.1
North Carolina has a proven commitment to reducing and streamlining business taxes. The state reduced its corporate income tax rate to2.5 percent beginning in 2019.
North Carolina is consistently being ranked at the top for business and tax climate.
Local Taxes
Madison County strives to offer a climate favorable to business and industry. Our goal is to create an atmosphere where both existing business can thrive and new business can locate or start up. Madison County’s real property tax rates rank among the top 30 percent in the state.
County Tax Rates:
Madison County’s current real and property tax rate is $0.50 per $100 of valuation (2021).
Municipal Tax Rates:
All municipal taxes are in addition to the County tax rate (2021).
- Mars Hill - $0.47
- Marshall- $0.49
- Hot Springs - $0.48
Fire Taxes:
In addition, there are Fire Districts within Madison County that also have tax assessments to support their operational costs.
| Smokey Mountain | .08 |
| Ebbs Chapel | .09 |
| Mars Hill | .09 |
| Country | .07 |
| Walnut | .10 |
| Big Pine | .06 |
| Jupiter | .10 |
| Leicester | .14 |
| Spring Creek | .04 |
| Laurel | .03 |
Sales Tax: Our Sales Tax rate for the County is 7.0% This is a combination of the State of North Carolina's sales tax rate, which is currently 4.75 and Madison County's sales tax rate, which is 2.25%.
Madison County is also designated a Tier 2 County by the State of North Carolina for grants and incentives.
Source: 1. Cammenga, J. (2020). Tax Foundation: State Corporate Income Tax Rates and Brackets for 2020. www.taxfoundation.org/state-corporate-income-tax-rates-brackets-2020/
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