Tennessee Tax Information Sponsored by Caruthers & Associates
The Property Tax System
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Truth in Taxation
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Caruthers Property Tax Letter
Article 7. How High are Property Taxes On Homes in Tennessee?
An article published by MSN:Money titled Property taxes Where does your state rank? provides tax data furnished by The Tax Foundation and discusses how taxes are rising in most of the states. The article also listed the rankings of tax burdens on single-family residences in all the states. The tax burden is the percentage found by dividing the taxes by the appraised value of the home.
The interesting part, of course, is where does Tennessee rank among all the states. According to the median ranking schedule presented in the article, Tennessee ranked 40th in the nation in tax burden.
Now 40th is pretty good out of 50 states. The article placed Tennessee with a tax burden factor of .70%. This means that annual taxes on a home valued at $100,000 would be $700. So, Tennessee sounds like a good place to own a home to enjoy low taxes. This is remarkable considering Tennessee has no state income tax.
The states with the highest tax burden factors are Wisconsin-1.82%, Texas-1.82%, Vermont-1.63%, Nebraska-1.67%, and New Jersey-1.60%. All of these states are published at over twice the taxes that Tennessee residents reportedly pay on the values of their homes.
Since Tennessee is still a fairly rural state, it occurred to me that the rural areas might be pulling this tax burden percentage down to an unrealistic level. A closer look at the three largest cities in Tennessee revealed startling differences.
It turns out that information from the Tennessee Comptroller’s Office for 2008 indicates that the tax burden factor for Memphis is 1.70, Nashville is 1.03, and Knoxville is 1.25. Taxes on a $100,000 home would then respectively be $1,700, $1,030, and $1,250.
Apparently, while Nashville and Knoxville fared fairly well, Memphis ranked up there with the most expensive states.
Also, taxes on a $100,000 home located in Memphis are 65% higher than taxes on a similar home located in Nashville and 36% higher than Knoxville.
Taxes are no bargain in Memphis.
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