The local sales tax rate in Farmers Branch, TX is 2%, while the state sales tax rate for Texas is 6.25%. In addition to these, Dallas County, where Farmers Branch is located, imposes a county sales tax rate of 1.75%. Therefore, the combined sales tax rate for Farmers Branch, TX is 10%.
As for corporate income tax and gross receipts tax, Texas does not impose a corporate income tax. However, the state does have a gross receipts tax known as the Texas Franchise Tax. The rate varies depending on the type of business, with most businesses paying a rate of 0.75% on their taxable margin. It's important to note that certain businesses may qualify for a lower rate or be exempt from this tax.
Regarding property taxes in Farmers Branch, TX, these rates are determined by different local entities. Commercial and industrial property taxes are typically assessed at the same rate as residential properties. The total property tax rate in Farmers Branch, which includes rates set by the city, county, school district, and other special districts, is approximately 2.5% of the property's assessed value. Personal property, which includes vehicles and other movable property, is also subject to tax, with rates varying based on the type and value of the property.