U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-03-2018, 06:14 AM
 
Location: Tennessee
23,572 posts, read 17,544,804 times
Reputation: 27640

Advertisements

Quote:
Originally Posted by JRR View Post
The only income tax in Tennessee is the Hall Tax. It is levied on interest on bonds and notes and stock dividends. It currently is at 3% and is going totally away in 2021. It does not apply to assets in IRAs and does not apply to the first $1250 (or $2500 for joint filers).

So, depending on how much non-retirement interest/dividends you get, it may or may not be an issue.
Correct, but keep in mind sales tax is in the 9% range. Property taxes, especially in metro Nashville with the high real estate valuations, are not going to the bargain you think. Taxes will still be far cheaper than Long Island.
Reply With Quote Quick reply to this message

 
Old 08-03-2018, 08:19 AM
 
Location: Coastal Georgia
37,096 posts, read 45,604,555 times
Reputation: 61713
We wanted (had to) downsize, and dh was a SE Sales Rep. so we could have moved anywhere down south, but our son lived in Savannah, so we picked Savannah. The son moved and we are retired. Even the most logical plans can go awry.

If we have another move in us, it will be a bit further north, like NC, to be nearer to family and a bit cooler climate.
Reply With Quote Quick reply to this message
 
Old 08-03-2018, 11:35 AM
 
Location: Loudon, TN
5,769 posts, read 4,827,803 times
Reputation: 19395
Quote:
Originally Posted by Serious Conversation View Post
Correct, but keep in mind sales tax is in the 9% range. Property taxes, especially in metro Nashville with the high real estate valuations, are not going to the bargain you think. Taxes will still be far cheaper than Long Island.
Property taxes depend on where you are in the state of TN. In Long Island (I checked Jamaica, NY because my friend has relatives there) taxes on a 1000 sq ft $300k home are a bit over $3000. In suburban Nashville TN, they would be less than $2000 for the same price, but 50% to 100% larger home (1500 to 2000 sq ft). While in the suburbs of Knoxville (Farragut) that money would buy you an even larger home (2000 to 2500 sq ft and up to a half acre of land) and the taxes would be about $1400. (Source: checked random homes listed on Zillow)

So depending on where you choose, your mileage may vary. TN is not one big homogeneous place. Most of it is very rural. There are 3 major cities (Memphis, Nashville, Knoxville), many pretty minor cities, and numerous small, or even tiny, towns. The large cities have suburbs some better, some worse.
Reply With Quote Quick reply to this message
 
Old 08-03-2018, 11:37 AM
 
115 posts, read 50,293 times
Reputation: 276
To the folks in Eastern TN,

You sound like the people in Oregon, when the Californians were moving in. I keep reading about crime and meth and all these other reasons not to move to TN.

I moved to the Portland OR area back in 1973. It is a much different place now. There are people living in tents off the sides of the I-5 freeway. If you look down any public walkway, you'll see tents. And yes, just like Seattle and SF, people **** in the streets. I saw that when we were at a meeting in the main public library. And there is crime in the city, usually out towards Gresham. Yet all the time, I see people considering a move to Portland and no one mentions these things.

TN is not the only state dealing with drugs and crime. Other states deal with it too. And the only way things will change are jobs and more people in these areas. I won't move out there without looking at the area, but I can guarantee that I've learned how to spot tweakers from my time in this city.
Reply With Quote Quick reply to this message
 
Old 08-03-2018, 11:44 AM
 
115 posts, read 50,293 times
Reputation: 276
Sales tax in WA state is up around 9%. Property taxes are high and will go higher. I lived in Spokane for two years and would advise you have enough money stashed to be able to leave. I had to borrow money to get out of there. It has awful weather. It's cloudy and cold in the winter and hot and dusty in the summer.

We've had to rule out the West Coast. It's just not a good place to retire.
Reply With Quote Quick reply to this message
 
Old 08-04-2018, 11:40 AM
 
Location: Loudon, TN
5,769 posts, read 4,827,803 times
Reputation: 19395
Quote:
Originally Posted by notsothoreau View Post
To the folks in Eastern TN,

You sound like the people in Oregon, when the Californians were moving in. I keep reading about crime and meth and all these other reasons not to move to TN.

I moved to the Portland OR area back in 1973. It is a much different place now. There are people living in tents off the sides of the I-5 freeway. If you look down any public walkway, you'll see tents. And yes, just like Seattle and SF, people **** in the streets. I saw that when we were at a meeting in the main public library. And there is crime in the city, usually out towards Gresham. Yet all the time, I see people considering a move to Portland and no one mentions these things.

TN is not the only state dealing with drugs and crime. Other states deal with it too. And the only way things will change are jobs and more people in these areas. I won't move out there without looking at the area, but I can guarantee that I've learned how to spot tweakers from my time in this city.

There are big opioid problems in TN, just like in the rest of the country. In some areas it's bad, in other areas not. The cities have good neighborhoods and bad, just like everywhere else. We have jobs in the cities. Unemployment is low and everyone is hiring. Out in the country, jobs are scarce. East TN is not utopia, and it's not a crime and drug riddled he** either. If you live in a quiet suburb or on a farm, you are unlikely to see drugs, crime, or homeless.
Reply With Quote Quick reply to this message
 
Old 08-04-2018, 12:00 PM
JRR
 
Location: Middle Tennessee
3,677 posts, read 2,224,193 times
Reputation: 5223
Quote:
Originally Posted by Serious Conversation View Post
Correct, but keep in mind sales tax is in the 9% range. Property taxes, especially in metro Nashville with the high real estate valuations, are not going to the bargain you think. Taxes will still be far cheaper than Long Island.
For us, moving from Central Florida to Tennessee was not a big deal tax wise. Property taxes are comparable to what we had in Florida and yeah, the sales tax is a bit more and you have to pay it (at a reduced rate) on food. But all our insurances (auto, homeowners, umbrella, medicare supplement) are substantially lower here compared to Florida. So while moving here did not result is a drastic drop in our cost of living; it also didn't break the bank.
Reply With Quote Quick reply to this message
 
Old 08-04-2018, 12:04 PM
JRR
 
Location: Middle Tennessee
3,677 posts, read 2,224,193 times
Reputation: 5223
Quote:
Originally Posted by TheShadow View Post
There are big opioid problems in TN, just like in the rest of the country. In some areas it's bad, in other areas not. The cities have good neighborhoods and bad, just like everywhere else. We have jobs in the cities. Unemployment is low and everyone is hiring. Out in the country, jobs are scarce. East TN is not utopia, and it's not a crime and drug riddled he** either. If you live in a quiet suburb or on a farm, you are unlikely to see drugs, crime, or homeless.


That is pretty much our situation. Quiet area of nice homes; no rentals. Crime has not been a problem at all since we moved here. Not to say that it doesn't exist; one only has to read the newspaper to realize that. But it has not touched us so far (fingers crossed).
Reply With Quote Quick reply to this message
 
Old 08-04-2018, 12:08 PM
 
Location: Idaho
1,452 posts, read 1,153,447 times
Reputation: 5482
Quote:
Originally Posted by TheShadow View Post
Property taxes depend on where you are in the state of TN. In Long Island (I checked Jamaica, NY because my friend has relatives there) taxes on a 1000 sq ft $300k home are a bit over $3000. (Source: checked random homes listed on Zillow)
NY property taxes listed on Zillow can be very misleading. Zillow only show the town/city property tax and not the school tax. Our house in NY is assessed at $250K. The town/city tax is around $2K. The school tax is more than double so we pay almost $7K for the NY property.

It's likely your friend's relatives in Long Island paying at least triple the Zillow listed tax amount for their property when school tax is added.

Our current home in Idaho is assessed at ~$500K and the property tax is ~$5K. There are no separate school taxes in Idaho.
Reply With Quote Quick reply to this message
 
Old 08-04-2018, 12:14 PM
JRR
 
Location: Middle Tennessee
3,677 posts, read 2,224,193 times
Reputation: 5223
Quote:
Originally Posted by BellaDL View Post
NY property taxes listed on Zillow can be very misleading. Zillow only show the town/city property tax and not the school tax. Our house in NY is assessed at $250K. The town/city tax is around $2K. The school tax is more than double so we pay almost $7K for the NY property.

It's likely your friend's relatives in Long Island paying at least triple the Zillow listed tax amount for their property when school tax is added.

Our current home in Idaho is assessed at ~$500K and the property tax is ~$5K. There are no separate school taxes in Idaho.
I've got a nephew who lives in Syracuse. A few years ago he told me his total taxes on a $250k home were almost $8k. His plan upon retirement is to get out of there and head to Tennessee.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top