Low cost tax structure

  • North Carolina has the third lowest business tax burden among all states
  • State and local business taxes generated 36.2% of all taxes generated compared to a national average of 44.1%
  • NC also has the lowest effective tax rate in the nation when comparing the percentage of all business taxes to the private sector gross state product

Property tax rates

2016-2017 rates per 100-dollar valuation

Burke County .68 cents
Morganton Downtown* .14 cents
MUNICIPALITIES
Drexel .38 cents Morganton .53 cents
Connelly Springs .05 cents Rhodhiss .55 cents
Glen Alpine .405 cents Rutherford College .10 cents
Hildebran .15 cents Valdese .545 cents
Long View .52 cents Hickory .5665 cents

* locations within the Morganton downtown district

Tax advantages

  • Industrial machinery is taxed at 1% with a maximum of $80 per item
  • Raw materials used for production, packaging and shipping are exempt
  • Items bought for resale are exempt
  • No inventory tax
  • Equipment or facilities installed for recycling solid waste are exempt from property tax
  • No sales tax on electricity or natural gas used in manufacturing process

Tax credits

  • Job creation
  • Machinery and equipment
  • Research and development
  • Business property
  • Imports/exports using NC ports
  • Alternative energy use

Industrial building costs

Type Cost (per sq. ft.)
Lease $1.50 – $3.00
Purchase $10 – $25
Construction $35 – $55

(Land/site cost range with infrastructure: $4-$50k/acre)