Tennessee with one of the lowest tax burdens in the country

A recent article from Bloomberg on Yahoo! Finance shows that Tennessee has one of the lowest tax burdens in the country.  We have no state or local income tax, however, we do have some tax considerations pertaining to inheritances when not to a spouse.  Tennessee ranked as 3rd lowest.

3. Tennessee

Income tax: None

Sales tax: 7%

Property tax per capita: $752

Inheritance tax: See note*

Tennessee does not tax income, apart from a 6 percent levy on interest and dividends. Capital gains are exempt. Still, investors should be aware that the state inheritance tax allows tax-free transfer only to a spouse.

* Transfer to a spouse is tax-free; all other transfers are taxed at 5.5 percent to 9.5 percent.

To see the full article:

http://finance.yahoo.com/retirement/article/113611/most-least-taxing-states-bloomberg

Jason Kaczmarski

The Ashton Real Estate Group of RE/MAX Elite