Actual valuation of city (not including Airport): $117,404,277
Tax rate ($ per $100 of actual value) for tax year 2011:
- City: .467380
- County: .431364
- School: 1.175688
- City Airport: .029462
- Other: .150039
- Outside City Fire District: .024773
- Total City (if you own property inside the city limits): 2.253933
- Total County (if you own property outside the city limits): 1.781864
Capital Gains Exemption
Nebraska law provides for a one-time exemption from state income tax of gains realized from selling or exchanging stock of a corporation acquired by an employee who is a Nebraska resident during employment with that corporation.
Corporate Income Tax
Corporations doing business both within and outside Nebraska allocate their income in accordance with the provisions of the Uniform Division of Income for Tax Purposes Act. Beginning in 1988, a sales-only factor was phased in as the means to apportion income tax liability for unitary tax purposes. Corporations pay 5.58% on the first $100,000 and $5,580 + 7.81% of the excess over $100,000 based on federal taxable income attributable to Nebraska operations. *For tax year 2011.
Personal Income Tax
Nebraska Taxable Income is calculated as follows:
Federal Adjusted Gross Income + Non-Nebraska Tax-Exempt Bonds – Nebraska Standard Deduction of Federal Itemized Deduction Less Any State or Local Income Taxes Included in that Figure – United States Government Interest
The Nebraska standard deduction schedule (2011) is as follows:
- Married Filing Jointly: $11,600
- Single: $ 5,800
- Head of Household: $ 8,500
- Married Filing Separate: $ 5,800
Listed below are the personal income tax rates for one category.
Married Couple (Filing Jointly) – Taxable Income
|Over:||But Not Over:||Nebraska Tax Is:|
|$0||$4,800||2.56% of the income|
|$4,801||$35,000||$122.88 + 3.57% of excess over $4,800|
|$35,001||$54,000||$1,201.02 + 5.12% of excess over $35,000|
|$54,001||–||$2,173.82 + 6.84% of excess over $54,000|
Nebraska has no state property tax. Real estate and personal property taxes in Nebraska are levied by county and municipal subdivisions including school districts. Total levies are determined by the needs of each political entity and generally range from $1.75-$3.00 per $100 of actual valuation. There is no tax on intangibles.
Sales and Use Tax
The present state sales and use tax rate is 5.5 plus an additional 1.% for capital improvements and economic development. In 2004, Falls City residents passed an additional 0.5% local option sales tax by an overwhelming margin to build a new Aquatic Park and Library as well as to raise general revenue.