Local Tax Rates
| | COUNTY | MUNICIPALITY | TOTAL |
| STOKES COUNTY | 0.62 | | |
| KING | 0.75 | 0.42 | 1.17 |
| WALNUT COVE | 0.75 | 0.40 | 1.15 |
| DANBURY | 0.65 | 0.27 | 0.92 |
Tax rates are based on each $100 valuation of the property.
Incentives
Local Incentives
Stokes County has instituted a performance based incentive program linked to new taxable investment, job creation and the corresponding pay of those jobs. The grants are available for new and existing industries. The minimum thresholds to qualify for the grants are: $750,000 for an existing business and $2,000,000 for a company that is new to the county.
Each of the governing municipalities in the County will consider incentives on a case by case basis.
For more details, please contact Stokes County Economic Development at 336-593-2497 or stokesedc@co.stokes.nc.us
State Incentives
ARTICLE 3J TAX CREDITS:
The Article 3J Tax Credits legislation provides three types of credit incentives for eligible new and or expanding businesses. To be considered eligible, “the primary activity at the business establishment must involve: aircraft service and repair, air courier service hub, company headquarters creating at lest 75 new headquarters jobs, customer service call centers, electronic shopping and mail order houses, information technology and services, manufacturing, motorsports racing team, research and development and wholesale trade.”
In Stokes County, eligible businesses could qualify for up to $5,000 tax credit for each full-time job created and up to 5% tax credit on business property investments. Note: Additional eligibility requirements apply. For full detail of the State of North Carolina’s Article 3J Tax Credit Incentives, please refer to the NC Department of Commerce web site www.nccommerce.com.
rural division, building reuse program:
The Building Reuse Program is administered by the Rural Division of the North Carolina Department of Commerce; it provides grants to local governments for two purposes: the renovation of vacant buildings and the renovation or expansion of a building occupied by an existing North Carolina company wishing to expand in its current location.
The N.C. Department of Commerce annually ranks the state’s 100 counties based on economic well-being and assigns each a tier designation. The 40 most distressed counties are designated as Tier 1, the next 40 as Tier 2 and the 20 least distressed as Tier 3. This tier system is incorporated into the Building Reuse Program to encourage economic activity in the less prosperous areas of the state.
For more information on county tier designations, visit our County Development Tier Designations page.
Vacant Building
Grants are available to support vacant building renovation. A speculative building that has never been occupied is not eligible unless it is at least five years old. Eligible buildings must have been vacant for at least three months prior to the application deadline.
Existing Building
Grants are available to support the renovation or expansion of buildings occupied by a company operating in North Carolina for at least 12 months.
JOB DEVELOPMENT GRANT PROGRAM:
The Job Development Investment Grant (JDIG) is a performance-based, discretionary incentive program that provides cash grants directly to new and expanding companies to help offset the cost of locating or expanding a facility in the state. The amount of the grant is based on a percentage of the personal income tax withholdings associated with the new jobs.
The amount of a JDIG award is calculated by weighing a number of factors to determine its potential value, including the location of the project, the county tier designation, the number of net new jobs, the wages of the jobs compared to the county average wage, the level of investment and whether the industry is one of the state’s targeted industry sectors. Grant funds are disbursed annually, for up to 12 years, to approved companies following the satisfaction of performance criteria set out in grant agreements.
The N.C. Department of Commerce annually ranks the state’s 100 counties based on economic well-being and assigns each a tier designation. The 40 most distressed counties are designated as Tier 1, the next 40 as Tier 2 and the 20 least distressed as Tier 3. This tier system is incorporated into JDIG to encourage economic activity in the less prosperous areas of the state.
JDIG awards are calculated by weighing a number of factors, including:
- The location of the project
- The county tier designation - more on the state's economic tier system can be reviewed here.
- The number of net new jobs created in North Carolina
- The wages of the jobs, compared to the given county average wage
- The level of investment made in the state
- The company's industry sector, and that industry's alignment with the state’s targeted industry sectors.
For projects located in a Tier 2 county (STOKES)
90% of the annual grant is paid to the company, and 10% is transferred to the Utility Account, a state program to fund infrastructure projects in Tier 1 and Tier 2 counties.
ONE NC GRANT FUND:
The One North Carolina Fund (OneNC) is a discretionary cash-grant program that allows the Governor to respond quickly to competitive job-creation projects. The North Carolina Department of Commerce administers OneNC on behalf of the Governor. Awards are based on the number of jobs created, level of investment, location of the project, economic impact of the project and the importance of the project to the state and region.
The N.C. Department of Commerce annually ranks the state’s 100 counties based on economic well-being and assigns each a tier designation. The 40 most distressed counties are designated as Tier 1, the next 40 as Tier 2 and the 20 least distressed as Tier 3. This tier system is incorporated into OneNC to encourage economic activity in the less prosperous areas of the state.
Awards are allocated to local governments as part of a negotiated challenge grant. By statute, OneNC requires that a local government provide an incentive to match the OneNC funding. The required local match depends on the tier designation of the county.
In a Tier 2 county (STOKES), the local government must provide no less than one dollar for every two dollars provided by One NC.
Transformative project - job development investment grant:
The Job Development Investment Grant (JDIG) is a performance-based, discretionary incentive program that provides cash grants directly to new and expanding companies to help offset the cost of locating or expanding a facility in the state. The amount of the grant is based on a percentage of the personal income tax withholdings associated with the new jobs.
The amount of a JDIG award is calculated by weighing a number of factors to determine its potential value, including the location of the project, the county tier designation, the number of net new jobs, the wages of the jobs compared to the county average wage, the level of investment and whether the industry is one of the state’s targeted industry sectors. JDIG has a Transformative Project provision for any company that creates 3,000 jobs and invests $1 billion, which can provide a grant worth up to 90% if personal income withholdings for up to 30 years.
To qualify as a transformative project, the grantee (company) must create at least 3,000 jobs and invest at least $1 billion within the base period, which can now be up to ten years. Once the minimum transformative project requirements are met and maintained, the company can receive annual grant payments of up to 90% of personal income tax withholdings of eligible employees for up to 30 years. In addition, as long as the company maintains the minimum requirements, all jobs created over the term of the grant – again, up to 30 years, can be included in the annual grant payment calculations. Workers employed in North Carolina who fill expansion positions with the company as a result of a merger or acquisition occurring during the term of the agreement are not eligible employees for the grant. Unlike a normal JDIG grant, the maximum amount of any annual grant payment associated with any specific eligible position is not limited to $16,000.