How do state and local severance taxes work? Q.How do state and local severance taxes work? A.Thirty-five states levy severance taxes, which are taxes on the extraction of natural resources (including oil and natural gas). The revenue from these taxes is extremely volatile because it rises and falls with the price and production of natural resources. Read more about How do state and local severance taxes work?
How do state and local individual income taxes work? Q.How do state and local individual income taxes work? A.Forty-one states and the District of Columbia levy broad-based taxes on individual income. New Hampshire and Tennessee tax only individual income from dividends and interest. Seven states do not tax individual income of any kind. Local governments in 12 states levy their own income tax on top of state taxes. Read more about How do state and local individual income taxes work?
How do state and local property taxes work? Q.How do state and local property taxes work? A.Jurisdictions in all 50 states and the District of Columbia impose property taxes. Most property tax revenue comes from levies on land and improvements, but states often tax personal property (such as machinery, equipment, and motor vehicles) as well. The tax equals a percentage of the taxable value of the property and may be levied in some form at every level of government: state, county, municipal, township, school district, and special district. Read more about How do state and local property taxes work?
