Kiplinger.com says Tennessee “very tax-friendly state” for retirees
A review of state and local tax burdens by Kiplinger.com has found that Tennessee ranks among the very best states in the nation for retirees due to the lower overall tax burden. According to the website, federal taxes are pretty much the same no matter where you live, but state and local income taxes, property taxes and sales taxes can place a heavy demand on fixed-income earners particularly.
Overall, Tennessee ranks high as a retirement haven because the state does not have a broad-based income tax and property taxes are based on only 25 percent of the market value of a home.
Sales taxes can be more of a challenge, although the sales tax on bard is capped at 5.5 percent currently and no sales taxes are applied to prescription drugs.
In Kingsport, the property tax rate is currently levied at the fourth lowest rate in the Citys history, largely due to the huge private sector investment made in the last three years.
Kiplinger.com is a Washington, D.C., provider of business forecasts and personal financial advice.
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