What are the tax rates in Oklahoma?
The tax rates in Oklahoma vary depending on the type of tax and location. The state levies an individual income tax, with rates ranging from 0.5% to 5%. Sales tax rates differ by county, ranging from 4.5% to 11%. Additionally, there are various local taxes, such as city, county, and special district taxes, which vary depending on the jurisdiction. Property tax rates also differ by location, as they are set by local governments. Oklahoma has a corporate income tax rate of 6%, applied to profits earned by businesses. Overall, the tax rates in Oklahoma are subject to change based on legislative decisions, and it is advisable to consult the Oklahoma Tax Commission website or seek professional guidance for the most up-to-date and accurate information.
Answered May 3, 2024
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