Economics of Crossville

Economics of Having Your RV Home Base in Tennessee

"In 2015, CNBC ranked Tennessee #2 in the country for its cost of living. Our Cost of Living Index is 9.7% below the national average." -retiretennessee.org

 

Property Tax
Tennessee has no state property tax. Property taxes are locally determined and collected.
Sales Tax
The Tennessee state tax is five 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.

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 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.
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.

Tax Information from the Crossville Chamber of Commerce

The following information is based on a Residential House having a total land and building value of $150,000. The 2015 tax rate for the City of Crossville is $0.63 per hundred of assessed value.  The County rate is $1.5275 per hundred of assessed value.

REAL PROPERTY CITY TAXES

 
$150,000

$37,500

Total value of land and building x 25% =

Residential Assessment of land and building

x .00632015 City of Crossville Tax Rate of $0.63 per hundred of assessed value

 
$236.25Total City of Crossville Taxes for land and building based on 2015 Tax Rate

REAL PROPERTY COUNTY TAXES

  
$150,000Total value of land and building
x 25%Residential Assessment at 25 percent of value

 
$37,500Residential Assessment of land and building
x .0152752015 Cumberland County Tax Rate of $1.5275 per hundred of assessed value

 
$572.82Total County Taxes for land and building based on 2015 Tax Rate