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Tennessee State Tax Information |
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- General: 7 % on tangible items. Food and food ingredients are taxed at a rate of 6%. Levies by counties can add 1.5% to 2.75 % to these rates. Prescription medications are exempt from taxation
- Automotive: 7%. Rented vehicles are assessed a 3% surtax.
- Gas: 21.4 cents per gallon, Diesel: 18.4 cents per gallon. .Gasohol: 21.4 cents per gallon.
- Cigarette tax: 2.00 per pack
- Personal Income: Not taxed. Bonds, stocks, and dividends are assessed at 6%.
- Property tax: taxed at 25% of market value. No homestead deduction exists, but there is a property tax relief program for the elderly.
- Inheritance tax: 5.5% to 9.5 5 of value of transferred property. Spouses are exempt from this tax.
- Bail bond tax: Those who post a bond for someone are taxed at 12.00 per bond purchase.
- Utilities: 3%
- Vending: 1.5 5 for non-tobacco items. 2.5% for tobacco items.
- Usage Tax: Usage tax rates are the same as sales tax rates
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Last Updated ( Tuesday, 16 May 2006 )
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TN 
