According to the ACCRA Cost of Living Index (the most reliable source of city-to-city comparisons of key consumer costs available anywhere) the cost of living in Tennessee is 10 percent less than the national average.
This means that on average, housing, food and groceries, transportation, utilities, health care, and miscellaneous expenses such as clothing, service, and entertainment are 10 percent less than the national average.
Don't just take our word for it... use the ACCRA Cost of Living calculator below and compare our 16 Retire Tennessee counties to your community.
Tennessee has no state property tax. Property taxes are locally determined and collected.
The Tennessee state tax is six percent on 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.
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 tax year 2012, the annual Hall Income Tax standard income exemptions for taxpayers 65 years of age or older increases from $16,200 to $26,200 for single filers and from $27,000 to $37,000 for joint filers. http://www.tn.gov/revenue/tntaxes/
Local taxes are set by the local government.