Retire in TN

Economic

According to the website, retireintenn.com,“ Tennessee has a significant program to attract retirees to the state and thus has a very friendly tax climate for retirement. For starters, Tennessee is one of the few states that does not have a state income tax.” Another site discusses the benefits of living in Cumberland County: “Tennessee’s state and local tax burden are one of the lowest in the U.S.”  Retireintenn.com goes on to say, “Bottom line, as a retiree you will probably be better off tax-wise retiring in Tennessee than almost any other state.” Another website says from a study constructed in 2014, “Crossville’s cost of living is 10.90% below the U.S. average

Click the Box Below to See TN’s Taxes

Property Tax

Tennessee has no state property tax. Property taxes are locally determined and collected.

Sales Tax

The Tennessee state tax is five percent of food and food ingredients and seven percent on all other tangible personal property unless specifically exempted. There is no tax on prescription drugs. Tennessee cities and counties have the option of imposing an additional local option sales tax. Visit the Tennessee Department of Revenue to obtain more information about Tennessee taxes.

Income Tax

There is no state personal income tax in Tennessee. However, there is the Hall Income Tax, strictly on interest from bonds and notes and dividends from stock. Beginning with the fiscal year 2015, the annual Hall Income Tax standard income exemptions for taxpayers 65 or older increases to $37,000 for single filers and $68,000 for joint filers. For more questions on the Hall Tax, review this link on the TN Department of Revenue’s website: https://revenue.support.tn.gov/hc/en-us/sections/200489699-Hall-Income-Tax.

Local Tax

Local taxes are set by the local government.

Pension Tax

Retirees can nurture their nest egg by relocating to a state with lower taxes. Tennessee has a perk for retirees: Dividends and interest are the only forms of income that Tennessee taxes.

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