Economic Development

Clay County

Tax Information

State Tax

Sales Tax: 5% tax on food and food ingredients: 7% on all other tangible personal property unless specifically exempted.
Local Sales Tax Rate: 2.75%
Local & State Sales Tax Collected (FY2016): $3,930,847

Income Tax

Personal Tax: 6% on interest and dividends only
Corporate Excise Tax: 6.5% of Tennessee taxable income
Franchise Tax: 25% of the greater of net worth or real and tangible property in Tennessee. The minimum tax is $100
Unemployment Tax: New Employers 2.7% of the first $9,000

CITY COUNTY
Property Taxes: (2016)
  Rate per $100 value $0.8732 $3.10
Ratio of Assessment:
  Residential and Farm 25% 25%
  Commercial/Industrial 40% 40%
  Personal (Equipment) 30% 30%
Bonded Debt (2016) $3,657,445 $5,452,000
Assessed Valuation (2015) $18,384,085 $104,331,029
Hotel-Motel Tax 0% 2.5%