Taxes By State

When we moved from Nebraska to Tennessee, we thought because there was no 'State Tax' in Tennessee,
we would pay more in other areas.

We were wrong.

Also knew we would soon be drawing Social Security and I had my Military retirement.

Some examples:

Sales Tax - Tennessee 7.0%
- Nebraska 5.5 state and former city adds another 2.5 % for a total of 8 %.

Tax on SS and Military retirement - Tennessee 0 %
- Nebraska taxes both

Property Taxes - Tennessee about 0.73 %, but there is rebate for those 65 years or older, veteran, etc.
- Nebraska about 1.8 % without any freeze or rebate offered.

Inheritance and Estate Taxes - Tennessee has neither tax
- Nebraska has both taxes.

For us, along with the weather and such, it was a no-brainer...
 
Thanks to California's Prop 13, my real estate taxes are predictable, reasonable, and no longer determined by the whims of an assessor.

I can live with the other taxes I pay. Nothing happens for free.

Police, fire departments, EMTs, road upkeep, schools, social programs, medical support for people who can't pay, foster care costs,, and various other safety nets are part of living in a society, so I pay taxes without whining about them.
 

Thanks for posting this @OneEyedDiva. The property taxes in Dallas are killing me, especially with the lack of real estate and the rise in housing valuations. The latest buyer in our neighborhood paid 125% of what I paid for my house in 2006, for the same square footage. I've protested my property tax increases every year and was successful until last year. I don't hold up much hope for this year either.

I'm really hoping the real estate situation corrects when the supply chain shortages ease up because I'm not planning on selling any time soon.
 
Also, on the Dallas area, my home value has increased 200%, actually a little more than that since 1995. The property taxes are crazy. Add in homehowners insurance to cover the increased value. It is no wonder so many people lose their homes.

Funny thing, I could not get a one bedroom apartment for less than I pay of the average of the monthly tax and insurance amount. I would lose the house if I still had a mortgage I think.
 
StarSong said:
Police, fire departments, EMTs, road upkeep, schools, social programs, medical support for people who can't pay, foster care costs,, and various other safety nets are part of living in a society, so I pay taxes without whining about them.
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The only tax that really bothers me is for an inheritance. The person that left you that money already paid taxes on it.
 
Tennessee is a very good state to live in for retirees. I pay through the nose here in PA. My wife and I each control family trust accounts. I feel lucky to have some very knowledgeable people as my tax accountants that know the federal and state laws. If I had to do it and use all the worksheets, I would be totally lost.
 
Agree @oldman, for our lifestyle, Tennessee is a great place to retire.
Seems to agree with a lot of people, as the population keeps raising.
Can't blame them, we moved out here to be close to our two sons and fell into its charm.

We enjoy what is offered in Nashville, great sports, concerts, dining, etc.

Not ready for the 'slow-lane' just yet, maybe one day...
 
Lethe200 said:
There is also the Kiplinger State-by-State Guide. I prefer it as you can compare up to 5 states, and they also keep it updated:
State-by-State Guide to Taxes on Retirees
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Thank you for the link Lethe.
@dseag2, @RB-TX, @JonSR77 You're welcome. Glad I could post something of interest.
@oldman An elder cousin and his wife moved to Tennessee years ago (both deceased now) and a nurse friend of mine and her husband (also deceased) did too. I've never been to Tennessee but I believe it popped up as one of the states I should consider moving to when I took the Best Places To Retire quiz, out of curiosity.
 
dseag2 said:
Thanks for posting this @OneEyedDiva. The property taxes in Dallas are killing me, especially with the lack of real estate and the rise in housing valuations. The latest buyer in our neighborhood paid 125% of what I paid for my house in 2006, for the same square footage. I've protested my property tax increases every year and was successful until last year. I don't hold up much hope for this year either.

I'm really hoping the real estate situation corrects when the supply chain shortages ease up because I'm not planning on selling any time soon.
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In Texas you can get your property taxes frozen at 65 - our home frozen valuation is less than half of what would be the current appraised value. Everyone around here that's 65 or older has activated it.
 
Liberty said:
In Texas you can get your property taxes frozen at 65 - our home frozen valuation is less than half of what would be the current appraised value. Everyone around here that's 65 or older has activated it.
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Yes, thanks for reminding me. I will be 65 in October, so I will start the process!
 

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