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Taxes

Real and personal property in the Marion area will be taxed at one of the following tax rates, depending on the exact location of the property in relation to city limits and school district boundaries:

• Marion school, Marion city – 46.45 mills
• Marion school, outside corporate limits – 41.45 mills

Each rate (a mill is one-tenth of a cent) is applied to the assessed valuation of the real or personal property. The assessed valuation represents 20 percent of the appraised value of the property.

For example, property valued at $100,000 within the Marion School District and Marion City limits would be assessed at $20,000 and taxed at 46.45 mills, for an annual tax of $992.

Tax structure at a glance:

Sales tax--------------------------9.75%, total (6% state, 2% city, 1.75 county)

Hotel/motel/restaurant tax --------1% (city)

State income tax------------------1-7%, graduated

City privilege license-------------$10-250, depending on type of business

Building permits-------------------based on size of structure (15 cents per square foot)

State franchise tax---------------.27% of assets located within state

Tax base/Assessed valuation of real property (20% of appraised value)

City of Marion ----------------$ 39,777,234

Marion School District-------- $54,879,716 (includes rural area outside city)

Crittenden County ----------- $53,421,813

INCOME TAX RATE APPLICABLE TO CORPORATIONS:

The following rates apply to domestic and foreign corporations:

• First......$3,000 or any part thereof.....1.0%
• Second $3,000 or any part thereof......2.0%
• Next.....$5,000 or any part thereof......3.0%
• Next ...$14,000 or any part thereof.....5.0%
• Next....$75,000 or any part thereof.....6.0%
• Over..$100,000................................6.5%