Community Forums

Superslif · 02-22-2013, 10:21 AM

Thanx Irene and Jim:
Very good post:

I don't think I could ever "full time" but were about 3 years from retirement and I'm open to moving to a more "Retirement Friendly" area / state. Living here in Ohio I know for one thing property taxes are high now and are only going to get worse...

We visited the Smoky's last June for the first time and found that over-all real-estate to be very affordable. Can I ask what yearly property taxes would be per 100k of valuation? When we moved in 20 years ago my taxes were $800 now they are $3000. And my homes value is back to where I bought it in 91'...And with the changes our Governor is proposing I see the cities having to go to the voters for yet more taxes more often.

DaveTN · 02-22-2013, 10:26 AM

Our house is worth about 400,000 and we pay 3500 a year in taxes ( city and county combined) which is considered high as our city has a higher rate than many

Clay L · 02-22-2013, 10:51 AM

SD and TX are considered friendly to full timers for several reasons. They both make it easy to register to vote with either the TX Escapees Livingston address or your mail forwarding address in SD. Both will remove you from the jury duty list (SD) or give you a pass and ask you to serve when you are there (TX).

SD RV/vehicle sales tax is 3% when you buy a new or used one. Both have low yearly registration fees for RVs and vehicles.

wydglydrydr · 02-23-2013, 06:34 AM

Quote:

Originally Posted by Superslif

Thanx Irene and Jim:
Very good post:

I don't think I could ever "full time" but were about 3 years from retirement and I'm open to moving to a more "Retirement Friendly" area / state. Living here in Ohio I know for one thing property taxes are high now and are only going to get worse...

We visited the Smoky's last June for the first time and found that over-all real-estate to be very affordable. Can I ask what yearly property taxes would be per 100k of valuation? When we moved in 20 years ago my taxes were $800 now they are $3000. And my homes value is back to where I bought it in 91'...And with the changes our Governor is proposing I see the cities having to go to the voters for yet more taxes more often.

My Tennessee property is unimproved (two acres in Athens, McMinn county, $40 annual tax) so I'm not a good yardstick for taxes, but a friend in Dayton, Tn lives in a property worth perhaps high $100s and pays $125 a year in tax. I bought my two acres about five years ago and paid half what I spent for just under a 1/4 acre lot in the Florida panhandle. The real estate prices in Tn are excellent. My property is in the eastern part, five minutes from I-75, halfway between Chattanooga and Knoxville, and about 30 minutes out of the Great Smokies. I have a prejudiced opinion, but I highly recommend it as a place to retire to.

DGShaffer · 02-23-2013, 07:49 AM

My wife and I ride a sport touring motorcycle and have been traveling south to ride the Smokey mountains for 10 years at least twice a year. We fell in love with it and as of two years ago we own a home on a mountain with a great view. We're currently renting it as a long term rental and have been in the black with it ever since. The value grew be 30 percent as well. This may be our retirement home but if not, Tennessee will most definitely be our retirement state.

How long before we're considered native Tennesseans?

Trekkers · 02-23-2013, 09:15 AM

Property Taxes on Owner-Occupied Housing by County, 2005 - 2009, Ranked by Taxes as Percentage of Home Value (One year averages) | Tax Foundation

Tennessee | Tax Foundation

I highly suggest you look at these two sites. The first one ranks almost 1000 US counties and lists their property taxes both as a % of the property valuations and as % of income. The total tax burden is one of the lowest in the US overall for the state of Tennessee and the annual "Tax freedom date" is earlier in Tennessee than any place. That's the day when working peopole are actually making money for themselves, prior to that date, essentially all the money goes to Uncle Sam. (Assumes working full year and average income and all taxes for that income, etc.)
That is averaged for all counties. There are counties with extremely low property taxes which should lower it even more for those residents. Check out the actual county in which you wish to own property, if you decide like we did to buy a small lot and equip it with a pad and utilities. You can check this for other states, too if you wanted to do the same elsehwere. Note these are older rates but should be reflective if not current, of course any county can change their rates at any time.
So it's good if you have retirement pension income or earned income. If you have high dividend and interest income, the tax rate is 6% after the exemption level is passed. That is not a problem for us but may be for some.

Superslif · 02-23-2013, 01:48 PM

Yes, the Tax Foundation site is very helpful...comparing state to state, except here in Ohio each city has adds on milage for it's city services and schools (voted on) that adds to your property tax bill. The last 15 years that is where the property tax bill has seen it's upward growth...

Pricejh · 02-24-2013, 10:19 PM

Quote:

Originally Posted by Superslif

Thanx Irene and Jim:
Very good post:

I don't think I could ever "full time" but were about 3 years from retirement and I'm open to moving to a more "Retirement Friendly" area / state. Living here in Ohio I know for one thing property taxes are high now and are only going to get worse...

We visited the Smoky's last June for the first time and found that over-all real-estate to be very affordable. Can I ask what yearly property taxes would be per 100k of valuation? When we moved in 20 years ago my taxes were $800 now they are $3000. And my homes value is back to where I bought it in 91'...And with the changes our Governor is proposing I see the cities having to go to the voters for yet more taxes more often.

Taxes are dependent on which county you choose. We are in Loudon County and pay about $650 on a $175,000 home. Knox, Anderson and Sevier counties are quite a bit higher. I think that Knox is bout double.

DaveTN · 02-25-2013, 04:43 AM

Pricejh is absolutely correct. We live a few miles from the next county, huge county tax differences as well as they don't even have vehicle inspection! The negative is their schools are not great so we pay more.

Terry43 · 02-25-2013, 05:14 AM

We have our TN address in Rutherford County where our daughter lives so we do have the wheel tax of $50.00 per vehicle which is not a real problem. You might want to recheck the vehicle inspection requirement; I think you have to have your car inspected annually at least we do in Rutherford county.

FYI....

Terry

DaveTN · 02-25-2013, 05:42 AM

Sequatchie county next to us does not have annual inspection on vehicles, I'm sure of that. Some smaller counties don't have it.

stonekeepers · 02-25-2013, 06:15 AM

We live in Cannon county, TN, which is about an hour from Nashville. We have a 90 acre farm and very low property taxes. This county does not require emissions testing for vehicles and is close enough to the city to drive for great medical services, but still very rural. Cannon county does not even have a Walmart. :-)

We have lived in TN for about 35 years now. It has pros and cons like any other place, but I am from Mississippi and DH is from Missouri, so it is centrally located to our families and the weather is not terrible most of the time. Note on the weather: It can change drastically in just a few hours...lol. If you don't like it, just wait. It's supposed to be over 60 today and snow later in the week.

Over the years, we were bored and looked for other places to move. We did lots of research and could not find another place as economical to raise our family. We do pay a high sales tax, but the vehicle and property taxes and lack of income tax offset that for us.

And from the central part of TN, you can get to the mountains or the beach in one day. We are working on retiring, but instead of selling our farm, we just refinanced so that the payments are almost nothing. We will keep this as our "home base" park and travel several months during the year.

BTW, land is really cheap in this area if anyone is interested in purchasing rural property.

Superslif · 02-25-2013, 06:15 PM

Good post (Stonekeepers) from a earlier post in general the property tax rate is 1/4 of what it is for us in Northern Ohio....

I would like to relocate to:

~ A more rural area with trees and space, no traffic
~ cheaper / affordable home and land prices
~ better property tax rates
~ retirement friendly
~ access to major medical facilities if needed (within an hours drive)
~ RVing opportunities in the 1-3 hour vicinity
~ I still like the change of seasons and a cooler climate.

**NLOVNIT** · 02-25-2013, 06:23 PM

Subscribing to this thread. Tops on our retirement locations is Crossville so I'm extremely interested in the opinions of those residing in TN. Thank you for your input.

Lori-