Businesses and individuals find the Texas system extremely favorable. There is no personal income tax, state property or unitary tax. Texas is one of only seven states without a personal income tax.

The sales and use tax accounts for over 50% of total state revenue. The $1.6 trillion Texas economy is the second biggest in the US and ranks first for current economic climate thanks to strong employment and gross state product growth over the past five years. The outlook is equally bright. At a local level, revenues are generated primarily by the ad valorem property tax and local sales tax.

The following are the 2018 tax rates 

Cooke County 0.499700
Road & Bridge 0.115000
Lateral Road .000100
Gainesville City 0.722540
Gainesville ISD 1.280000
North Central Texas College 0.121200
Gainesville Hospital 0.111300

Total Tax Rate Inside City 2.73484

More property tax information at

City of Gainesville, General Fund 1.0%
City of Gainesville, Ad Valorem Tax Reduction 0.25%
Cooke County, Ad Valorem Tax Reduction .05%
Gainesville Economic Development Corp .025%
State of Texas 6.25%
Total Sales Tax 8.25%

7% Local/City
6% State
3% County

Texas has no personal income tax.

Incorporated businesses chartered and authorized to do business in Texas are subject to the franchise tax. Corporations pay either $2.50 per $1,000 in taxable capital, or a 4.5% tax on earned surplus, whichever amount is greater. Taxable capital includes stated capital, surplus, deferred income taxes and non-current employee benefits allocated to Texas on a gross receipts basis. Earned surplus is federal taxable income plus officers and directors compensation allocated to texas on a gross receipts basis.

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