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|
Fulton
County and Hickman County EDP
|
P.O.
Box 1413 ·
Fulton, Kentucky 42041
Phone:
270-472-2125 ·
Fax:
270-472-1944 |
Cost
of Doing Business
State
Property Taxes | Local
Property Taxes | Business Taxes
Workers
Comp. & Unemployment Rates | Cost
of Living Estimates
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Information
State
Property Taxes
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State
Property Tax Rates Per $100 Valuation, 2006
| Selected
Class of Property |
State
Rate |
Local
Taxation
Permitted |
| Real
Estate |
$0.1280 |
Yes |
| Manufacturing
Machinery |
$0.1500 |
No |
| Pollution
Control Equipment |
$0.1500 |
No |
| Inventories: |
| Raw
Materials |
$0.0500 |
No |
| Goods
in Process |
$0.0500 |
No |
| Finished
Goods |
$0.0500 |
Yes |
| Goods-In-Transit |
Exempt |
Limited |
| Motor
Vehicles |
$0.4500 |
Yes |
| Other
Tangible Personal Property |
$0.4500 |
Yes |
Source:
Kentucky
Department of Revenue
Local
Property Taxes
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Local
Property Tax Rates Per $100 Valuation, 2006
|
Taxing
Jurisdiction |
Real
Estate |
Tangibles |
Motor
Vehicles |
| County |
|
Fulton |
$0.3280 |
$0.3454 |
$0.2483 |
|
Hickman |
$0.2180 |
$0.2256 |
$0.1792 |
| City |
|
Fulton (Fulton County) |
$0.2800 |
$0.2800 |
$0.2800 |
|
Hickman (Fulton
County Seat) |
$0.2050 |
$0.1470 |
$0.2340 |
|
Clinton (Hickman County Seat) |
$0.2700 |
$0.2640 |
$0.2640 |
|
Columbus (Hickman County) |
$0.0000 |
$0.0000 |
$0.0000 |
| School
District |
| Fulton
County Schools |
$0.4450 |
$0.4450 |
$0.5570 |
| Fulton
Independent Schools |
$0.7570 |
$0.7570 |
$0.7800 |
| Hickman
County Schools |
$0.4500 |
$0.4500 |
$0.4500 |
Source:
Kentucky
Department of Revenue
Business
Taxes
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Local
Occupational License Taxes, 2009
| Taxing
Jurisdiction |
Tax
Rate on
Salaries/Wages |
Tax
Rate on
Net Profits/Receipts |
| County |
|
Fulton |
No
tax |
No
tax |
|
Hickman |
1%
of gross |
1% Net Profits Tax
|
| City |
|
Fulton (Fulton County) |
2.00% |
2.00%
(on gross receipts) |
|
Hickman (Fulton
County Seat) |
1.50% |
1.50% |
|
Clinton (Hickman County Seat) |
0.50% |
No
tax |
|
Columbus (Hickman County) |
No
tax |
No
tax |
| School
District |
| Fulton
County Schools |
No
tax |
No
tax |
| Fulton
Independent Schools |
No
tax |
No
tax |
| Hickman
County Schools |
No
tax |
No
tax |
Source:
Kentucky Society of Certified Public Accountants.
Workers
Compensation & Unemployment Rates
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Kentucky's
average Unemployment Tax Rate is 0.71% and average Workers Compensation Tax Rate
is 3.27% (average of all occupation). Combined tax average is 4.49%*.
Kentucky's
workers compensation rates are competitive and are not an issue for most
types of industries. For more information see KY
Workers' Compensation Funding Commission.
In
addition to your state unemployment tax, federal unemployment law requires that
you pay federal unemployment tax (FUT). The liability requirements are basically
the same as for state coverage; however, non-profit and governmental employers
are exempt from federal coverage. FUT is
payable on the first $7,000.00 you pay each worker annually. The tax rate is
6.2%; however, as explained below, you are allowed up to a 5.4% offset credit
for state tax payments on the same wages.
You
are allowed to claim a credit reducing your federal unemployment tax rate if you
paid state unemployment tax on the same wages. The maximum allowable offset
credit is 5.4% if your state tax payments were made on time. This credit applies
even if you paid state tax at a rate lower than 5.4%. However, you cannot claim
more than this rate if your state tax rate was higher
While
there are many variables in tax rate computation, simply put it is the amount of taxes paid into a reserve account for
each employer, minus the amount of benefits paid. However, tax rates are not
based solely on the reserve account balance. Instead a reserve ratio is computed
which compares the size of the balance to the size of the total amount of
taxable wages reported by the employer during the twelve (12) calendar quarters
preceding the computation date. The rate is determined from a rate schedule set
forth in statute. Employers in the mining and construction industry may have higher
rates in spite of the reserve ratio and account balance.
Source:
The average unemployment insurance tax rate
data taken from Department
of Labor data, as summarized
by the Public
Policy Institute of New York State.
The average workers compensation tax rate from the comparative state data
compiled by the Oregon Department of Consumer and Business Services as presented
in their Oregon
Workers' Compensation Premium Rate Ranking for 2006.
Cost
of Living Estimates
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