Tax Comparison: Madison, MS vs Boone, NC
Understanding Your Tax Burden
This page compares the three main types of taxes between Madison, MS and Boone, NC: property tax, income tax, and sales tax. Each of these has a different impact on your overall cost of living.
Property Tax Comparison
Property taxes are collected by local governments and used to fund schools, infrastructure, and other local services. They're typically based on the assessed value of your property.
Our property tax estimates are based on:
- U.S. median home value: $419,200 (2023 data)
- Local effective tax rates for both cities
Madison, MS
$3,032
Based on a $419,200 home
Rate: 0.7234%
Boone, NC
$1,739
Based on a $419,200 home
Rate: 0.4149%
| Data | Madison, MS | Boone, NC |
|---|---|---|
| Effective Property Tax Rate | 0.7234% | 0.4149% |
| Estimated Property Tax | $3,032 | $1,739 |
| Home Value Used | $419,200 | $419,200 |
Comparison: Property taxes in Boone, NC are $1,293 lower than in Madison, MS for the same home value.
State Income Tax Comparison
Income tax rates and brackets vary by state, impacting residents' overall tax burden. The estimates below are based on standard deductions and typical filing scenarios.
Our income tax estimates consider:
- Single filer: $100,000 annual income
- Married couple: $200,000 combined income
- Median income: $80,600 annual income
MS
4.7%
Single: $3,960
Married: $7,128
NC
4.5%
Single: $4,250
Married: $7,650
| Data | MS | NC |
|---|---|---|
| Tax Rate | 4.7% | 4.5% |
| Single Filer ($100k) | $3,960 | $4,250 |
| Married Couple ($200k) | $7,128 | $7,650 |
| Median Income ($80.6k) | $3,547 | $3,424 |
Comparison: Income taxes in NC are $123 lower than in MS for the median household income.
Sales Tax Comparison
Sales tax rates vary by location and can have a significant impact on your day-to-day expenses. These include state, county, city, and special district taxes that together form the total sales tax rate.
Our sales tax estimates consider:
- Average household taxable spending: $15,500 per year
- Combined state and local rates for both cities
Madison, MS
8.000%
Combined rate
Annual sales tax: $1240
(Based on $15,500 spending)
Boone, NC
7.500%
Combined rate
Annual sales tax: $1162
(Based on $15,500 spending)
| Data | Madison, MS | Boone, NC |
|---|---|---|
| State Sales Tax | 7.00% | 4.75% |
| Combined Sales Tax | 8.000% | 7.500% |
| Annual Tax Amount | $1,240 | $1,162 |
Comparison: Shopping in Boone, NC costs $78 less in annual sales tax than in Madison, MS for the average household.
Tax Comparison Insights
Tax Insights: Madison vs Boone
- Property Tax: Boone has a 0.3085 percentage points lower effective property tax rate than Madison.
- Income Tax: Living in NC could save you approximately $123 in state income taxes for a median household income.
- Sales Tax: The combined sales tax rate in Boone is 0.50 percentage points lower than in Madison.
Overall Tax Burden Comparison
Madison, MS
$7,819
Combined annual tax burden
Property
$3,032
Income
$3,547
Sales
$1,240
Boone, NC
$6,325
Combined annual tax burden
Property
$1,739
Income
$3,424
Sales
$1,162
Overall Comparison: Boone, NC has an estimated $1,494 lower total tax burden than Madison, MS based on our standard scenarios.
Important Tax Disclaimer
The tax information provided above is based on publicly available data and standard assumptions. Actual tax situations will vary based on:
- Individual financial circumstances
- Applicable deductions and credits
- Recent changes in tax laws
- Personal spending habits
- Local variations within cities and counties
This comparison is intended for general informational purposes only and should not be considered tax advice. For specific guidance regarding your tax situation, please consult with a qualified tax professional.