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Economy & Taxes
Economic Indicators for Prince George County:
- Civilian Labor Force (2005): 14,327
- Unemployment Rate (2005): 4.4%
- Per Capita Income (2003): $23,502
- Median Household Income (2003): $49,394
Economic Trends:
Employment in Prince George County:
Year Employment Net Change % Change
2000 12,812 - -
2001 13,062 250 1.9%
2002 13,022 -40 -0.31%
2003 13,141 119 0.91%
2004 13,407 266 1.98%
2005 13,698 298 2.12%
Total Change in Employment 886 6.6%
Employment & Wages in Prince George County:
Year Avg. Establishments Avg. Employment Avg. Weekly Wage
2000 436 9,995 $578
2001 450 10,641 $592
2002 443 11,346 $618
2003 450 10,969 $668
2004 460 11,236 $712
Announced Investment in Prince George County:
| Year | Company | Jobs | Investment |
| 2000 | Extec | 30 | $0 |
| 2000 | Ace Hardware | 325 | $38,500,000 |
| 2001 | LMR | 0 | $200,000 |
| 2001 | Cogentrix | 5 | $3,000,000 |
| 2001 | Leroy Holding | 12 | $1,000,000 |
| 2001 | US Merchants | 25 | $7,000,000 |
| 2001 | LESCO | 20 | $2,000,000 |
| 2002 | LMR | 25 | $0 |
| 2002 | Service Center Metals | 100 | $13,000,000 |
| 2002 | Noland | 40 | $8,500,000 |
| 2003 | Standard Motor Products | 175 | $3,000,000 |
| 2005 | Sterling Gelatin | 20 | $2,500,000 |
| 2005 | Service Center Metals | 32 | $28,000,000 |
| 2005 | Reyes Holdings, LLC | 120 | $7,500,000 |
| 2005 | Norfolk Southern | 40 | $11,000,000 |
| 2005 | Goya Foods | 60 | $5,100,000 |
| Total | 1029 | $130,300,000 |
Local Tax Rates (2007):
| Assessment Ratio | Nominal Tax Rate/$100 value | Effective Tax Rate/$100 value | ||
| Real Estate | 92.7% | $0.80 | $0.74 | |
| Machinery & Tools | Year 1 | 60% | $1.50 | $0.90 |
| (original cost) | Year 2 | 50% | $1.50 | $0.75 |
| Year 3 | 40% | $1.50 | $0.60 | |
| Year 4 | 30% | $1.50 | $0.45 | |
| Year 5 & after | 20% | $1.50 | $0.30 | |
| Personal Property Tax | 100% | $4.00 | $4.00 | |
| (includes office furniture & fixtures, tools, back-hoes, trailers, autos, and trucks) | ||||
| Merchants’ Capital Tax | None | |||
| Intangible Personal Property | None | |||
| Business License Fees | Tax Rate/$100 gross receipts |
| Retailers | $0.15 |
| Mail Order Firms | $0.15 |
| Wholesalers / Distributors | None |
| Financial Services | $.20 |
| Business Services | $.20 |
Industrial Utility Tax Rate/month Type
$0.013957/kWh Electric
$30.00 Gas
20% on 1st $200 Telephone
Sales & Use Tax 1.0%
State Tax Rates (2007):
Rate
Corporate Income Tax 6.00%
Personal Income Tax
First $3,000 2.00%
Next $2,000 3.00%
Next $12,000 5.00%
Remaining Balance 5.75%
Unemployment Insurance Tax
New Employer 2.92%
Minimum 0.52%
Maximum 6.62%
Wage Base $8,000
Sale & Use 4.00%
