HOW MUCH WILL IT COST?
No matter where you shop, people purchase items that require paying sales tax. Sales tax varies among different counties, cities, and developments. Consumers who shop in Madison County would know that they would be keeping their money in the community while at the same time contributing toward quality school facilities and reducing the burden of property taxes.
It is projected that 30-40% of the annual revenue will be paid by visitors (non-residents) shopping, dining, and staying in Madison County.
HOW MUCH MORE WILL YOU PAY IN SALES TAX?
$100 of groceries = no increase (groceries are exempt)
$25 of gas = 25 cents
$30,000 car/truck = no increase (cars/trucks/boats are exempt)
$7 of fast food = 7 cents
$450 TV = $4.50
$40 of medicine = no increase (medication is exempt)
$70 pair of shoes = 70 cents
$100,000 of farm equipment = no increase (farm equipment is exempt)
For most property owners in Madison County, the amount saved in property taxes will be significantly more than the amount spent in additional sales tax.
ITEMS NOT TAXED:
- Cars, trucks, ATV’s boats, and RV or mobile homes
- Unprepared food (groceries)
- Medicine including prescriptions drugs and over-the-counter drugs
- Farm equipment, parts and farm inputs
- If it is not currently taxed, it will not be taxed