Income Tax $0-$11,550 2.5% taxable income $11,550+  up to7% of taxable income graduated for income level Social Security Benefits No 401(K) or IRA  up to $3,000 tax deduction first year deduction Age 65+ up to $10,000 retirement deduction Permanent Disability Income No Intangible Tax No Homestead Exemption One year requirement for residency, then $20,000 exemption for persons age 65 or older, totally and permanently disabled, or legally blind Property Tax Relief $100,000 exemption of home value from property taxes for school operations, benefit ranges from $200-800 depending on district Personal property tax Annual collection on cars, trucks, motorcycles, recreational vehicles, boats and airplanes, 10.5% of market value Auto Registration Fee $24 every two years ($20 for residents age 65 or older; $22 for 64-year-olds Sales Tax 5% of purchase price, prescription drugs, insulin, dental prosthetics and hearing aids are exempt from the sales tax Motor Fuels Taxes 16 cents a gallon, assessed at the pump