Cost of Doing Business in Burke County
A Low Tax Burden for Business
North Carolina had the 3rd lowest business tax burden among all states according to a 2009 business tax analysis by Ernst & Young. State and local business taxes generated 36.2% of all taxes generated compared to a national average of 44.1%. North Carolina also has the lowest effective tax rate in the nation when comparing the percentage of all business taxes to the private sector gross state product.
Tax Advantages
- Industrial machinery is taxed at 1% with a maximum of $80 per item
- Raw materails used for production, packaging, and shipping are exempt
- Items bought for resale are exempt
- No inventory tax
- Equipment or facilities installed for recycling solid waste is exempt from property tax
- No sales tax on electricity or natural gas used in manufactuing process
Tax Credits
- Job creation
- Machinery and equipment
- Research & development
- Business property
- Imports/exports using NC ports
- Alternative energy use
Industrial Building Costs
| Lease cost | $1.50 - $3.00/sq. ft. |
| Purchase cost | $10 - $25/sq. ft. |
| Construction cost | $35 - $55/sq.ft. |
Land/Site Cost Range with Infrastructure
| Cost Range | $4K - 50K/acre |
Electrical Costs
Electrical costs are below the national average. The average KW/hour cost is $ .06