Texas has no state property tax. Local governments and special taxing districts levy taxes on real and tangible personal property. All property is appraised at full market value and taxes are assessed by local county assessors on 100% of appraised value. Local Governments can enter into agreements with businesses to abate local Ad Valorem Taxes on real and personal property for up to ten years.
| Total Tax Rate (2007): | 2.340289 |
| Legal Assessment Ratio | 100% |
| City of Denison | 0.562550/$100 |
| Grayson County | 0.490900/$100 |
| Denison ISD | 1.147100/$100 |
| Grayson County College | 0.139739/$100 |
| Total | 2.340289/$100 valuation |
|
Sources:
Grayson County Tax
Assessor Tax Rates |
Updated: April 2008 |
Exempt from taxes are groceries,
medicine, property for resale, manufacturing equipment and many items used exclusively
on farms and ranches for food production. Leased or purchased machinery, equipment,
replacement parts, and accessories that have a useful life for more than six
months, and that are used and consumed in the manufacturing, processing, fabricating,
or repairing of the tangible personal property for ultimate sale, are exempt
from state and local sales and use tax. Texas businesses are exempt from paying
state and use tax on labor for constructing new facilities.
| City of Denison | 2.00% |
| State of Texas | 6.25% |
| Total | 8.25% |
Texas has no personal income tax. While Texas does not have a corporate income tax as such, it does have a corporate franchise tax.
This tax is imposed on all corporations and is measured by net taxable capital and by net taxable surplus that are apportioned to Texas. Apportionment is determined by using a single gross receipts formula, with allowable deductions applying to both the capital and earned surplus components. The tax rate on net capital assets is 0.25 percent, or $2.50 per $1000 of net taxable capital. The tax rate on net earned surplus is 4.5 percent. Corporations calculate the franchise taxes due on taxable capital assets and on taxable earned surplus, paying the greater of the two amounts.
Insurance
| Workers' Compensation | |
| Average Cost for all Manufacturing per $100 Payroll |
$5.00
|
| Average Rate for Office Workers (8810) |
$1.00
|
| Maximum Weekly Benefit |
$523.00
|
| Days of Waiting Period |
7
|
| Automatic Cost of Living for Total Disability |
No
|
| Employee Allowed to Choose Any Physician |
Yes
|
| Physician Must be Chosen from List of Pre Approved by Employer |
No
|
| Mental Stress Generally Allowed as a Compensation Injury as a Result of Cumulative Trauma |
No
|
| Carpal Tunnel Generally Allowed as a Compensation Injury as a Result of Cumulative Trauma |
Yes
|
| Back Generally Allowed as a Compensation Injury as a Result of Cumulative Trauma |
Yes
|
| Neck Generally Allowed as a Compensation Injury as a Result of Cumulative Trauma |
Yes
|
| Cardiovascular Generally Allowed as a Compensation Injury as a Result of Cumulative Trauma |
No
|
| Second Medical Opinion Allowed from Physician Chosen by Employee, but Paid by Employer |
No
|
| Wage-Loss System Applies for Partial Disability |
Yes
|
| Unemployment Insurance | |
| Taxable Base |
$9,000
|
| Percentage Rate | |
| Average Amount Existing Employees |
0.85%
|
| Statutory Amount for New Employees |
2.70%
|
| Maximum weekly Benefit |
$297.00
|
Denison Development Alliance
311 West Woodard Street
Denison, TX 75020
(903) 464-0883 * (888) 244-1908 phone
(903) 465-6476 fax
ssmathers@denisontx.org e-mail