a Look at Tennessee Taxes

The Bottom Line

MIXED TAX PICTURE

The Volunteer State has no broad-based income tax, though the state does levy a 6% tax on stock dividends and interest income from bonds and other investments. But be prepared to fork over some substantial sales taxes in Tennessee. It has one of the highest combined sales-tax rates in the nation, at an average of 9.44%, according to the Tax Foundation. Real estate is assessed at 25% of market value, and there are some property tax relief programs
Read more at http://www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/index.php?map=&state_id=43&state=Tennessee#ZtXH8bZ11qGDPBvl.99

State Sales Tax

7% on tangible property (prescription drugs are exempt); 5% on food and food ingredients. Prepared food, dietary supplements, candy, alcoholic beverages and tobacco are taxed at 7%. Counties and cities may add another 1.5% to 2.75% to either rate.

Income Tax Range

There’s no state income tax, so salaries, wages, Social Security benefits, IRA distributions and pension income are not taxed. But Tennessee does tax dividends and interest at 6%. The first $1,250 in taxable income for individuals ($2,500 for joint filers) is exempt.

See Kiplinger.com’s Retiree Tax Map to learn how Tennessee taxes Social Security income and other forms of retirement income.

Social Security

Social Security benefits are not taxed.

Exemptions for Other Retirement Income

As of 2013, taxpayers older than 65 with total annual income of $33,000 or less ($59,000 for joint filers) are exempt from the tax on dividends and interest.

Property Taxes

Property taxes are assessed and collected by the local governments. The county commission and city governing bodies determine local property tax rates.

The assessed value of a property is based on 25% of its fair market value. Depending on the location of the residence, homeowners are subject to property taxes from the city only, the city and county, or the city, county and a special school/fire district.

Median property tax on the state’s median home value of $137,300 is $933, according to the Tax Foundation.

Tax breaks for seniors: Tennessee does not have a homestead exemption. However, there is a property tax relief program to reimburse income-eligible seniors age 65 or older, the disabled and veterans for taxes paid on their primary residence. The tax relief for 2013 is calculated based on up to $25,000 of the appraised fair market value of the homeowner’s residence if the owner’s combined income for 2012 is not more than $39,540.

Inheritance and
Estate Taxes

Tennessee’s estate tax (which the state calls an inheritance tax, but which actually taxes property instead of heirs) ranges from 5.5% to 9.5% based on the amount of the value of the property that exceeds the annual exemption. Spouses are exempt. Legislation passed in 2012 will phase out the inheritance tax as of January 1, 2016. The inheritance tax exemption threshold is $1.25 million in 2013, $2 million in 2014 and $5 million in 2015. The legislature has also repealed the state gift tax retroactive to January 1, 2012.

Read more at http://www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/index.php?map=&state_id=43&state=Tennessee#ZtXH8bZ11qGDPBvl.99

Olive & Sinclair Move to New Location

Olive & Sinclair Move to New Location | Nashville News

Popular and local Nashville chocolatier Olive & Sinclair will open doors to its new retail and factory space in East Nashville today!

This new location, located at 1628 Fatherland St. in East Nashville, will provide guests the opportunity to catch a glimpse of the ‘behind the scenes’ of the local business.

The company loves to include vintage decor and items to their retail shops, including vintage chocolate decor. The space will also include memorabilia and special samples. At today’s soft opening, guests can sip on their special Mexican-style hot chocolate.

Still to come, the shop will launch a new product called chocuterie, consisting of “chocolate salami, pates, our own version of rillettes, all made out of chocolate,” according to the shop owner Scott Witherow.

While factory tours are still yet to come, the shop is now often to the public from 10 a.m. to 5 p.m. Thursday and Friday and 10 a.m. to 2 p.m. on Saturdays.

For more information, visit the website at www.oliveandsinclair.com.

Autumn Leaves in Green Hills

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Green Hills is one of the Nashville’s more affluent areas, often chosen by residents who don’t wish a long commute to downtown businesses and three area universities – Vanderbilt, Belmont and Lipscomb Universities (all of which are within a 5-minute drive).
Green Hills is also the home to The Mall at Green Hills, a high-end enclosed shopping center which began as a “strip center” (one of the first two sizable such developments in Nashville) in the early 1950s. Nordstrom and the Apple Store are some of the more recent additions to the mall. Hillsboro Village, with its many interesting shops, is only 3 minutes away.

The Bluebird Cafe, a famous live music venue, is located on Hillsboro Road in Green Hills. Hillsboro High School, located directly across the highway from the Mall, actually predates much of the neighborhood, which began on a small scale in the 1930s but was not highly populated until after World War II. Another public educational institution is Julia Green Elementary School, a primary school. A major private educational institution is Lipscomb University and its associated elementary and high schools. Another is Harpeth Hall School, a prestigious girls’ high school.

Green Hills is in many ways a typical development of its era. It consist primarily of brick-veneer “ranch” style detached houses on large lots In more recent years there has been considerable “infill” as many of the larger lots and other remaining open spaces have been redivided to become the sites of higher-density developments.

Green Hills is one of the Nashville’s more affluent areas, often chosen by residents who don’t wish a long commute to downtown businesses and three area universities – Vanderbilt, Belmont and Lipscomb Universities (all of which are within a 5-minute drive).

Green Hills is also the home to The Mall at Green Hills, a high-end enclosed shopping center which began as a “strip center” (one of the first two sizable such developments in Nashville) in the early 1950s. Nordstrom and the Apple Store are some of the more recent additions to the mall.

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Delightfully Frightful Halloween Decor on a DIY Budget

Decorating your home for Halloween doesn’t have to be scary (unless, of course, you want it to be).

Some home owners go all out in a manner more often reserved for Christmas. David Gugel, for instance, takes Halloween decor to stop-and-gape levels. It’s no surprise to learn that he once designed retail window displays for Disney. About.com featured before-and-after photos of his otherwise typical suburban home transformed into a wild October frightfest. If you’re like us, there’s never enough time to pursue all the wild home styles that people create.

For those of us with less dramatic homes, budgets and taste, a little sweat equity can still bring a delightfully eerie air to your abode. Herewith, some relatively simple do-it-yourself ways to capture the spooky season.

Front Yard

Pumpkins and mums add a classic seasonal touch with minimal effort. They can welcome guests at the foot of a driveway, line a walkway to the front door or gather around a tree. The tree itself could sport eyes, cut from felt and held aloft with environmentally friendly adhesives. The truly ambitious could carve Styrofoam headstones, but the faint-of-heart, beware — that’s a half-day project.

Front Door

Classy or ghastly? The options run amok. Amazon sells bloody footprints on paper, but why not make your own? A roll of kids’ mural paper from any craft store, some red acrylic paint, a bit of soap for those dirty feet afterward, and before you can say “wrap the body in a rug,” there are telltale prints leading to your door.

Or stick with simple. Hang a witch’s hat on the front door as you would a wreath. Sit the kids down with scissors, black felt and a stencil, and create a colony of bats. Paint Chinese paper lanterns like jack-o’-lanterns and hang them from the eaves — no scooping innards or tossing rotting (gourd) flesh.

Living Room

Tossing a sheet with eyeholes over a kid’s head and calling them a ghost may be a cliched holiday cop-out, but the same idea can feel almost fresh on furniture. White sheets covering the furniture can lend an air of mystery to a room, as guests (or inhabitants) ponder what goes on underneath. And don’t underestimate the power of low light. If your circuits are on dimmers, you’re ahead of the game, but even candlelight or a well-placed dim bulb can throw unexpectedly fun shadows.

Fireplace

Burn the evidence — but not all of it. Dirt piled where the logs go can host fake bones peeking through. Perhaps there’s mulch left from summer planting? Put it to good use. While it is possible to make your own plaster bone molds, $20 on eBay goes far, too. If you don’t dig dirt, a handful of red glass votives in the fireplace can add a ghoulish air.

Dining Room

For a creeptastic look, think red and black. Yard-sale candlesticks, the more dented the better, covered in high-gloss black spray paint can hold red candles. They’ll give off an eerie glow atop a red tablecloth. Sprinkle plastic bugs around the plates and drape gauze or cheesecloth between the candles and across the table. Watch your guests shudder.

Bonus Bucket

One tip for the frugal: Start thinking about next year now. Come Nov. 1, if not earlier, stores will deeply discount their Halloween offerings. Even if you don’t have the time or funds to spruce up the house this year, some judicious shopping could get you all set for 2014.

If the monsters haven’t gotten you yet, we flipped over some the home styles bursting with gourds and color pictured here — the looks can transfer to any home, even on a smaller scale. But if you want to go big, you have company. Don’t even bother counting the skeletons — of course, there are 13.
By Anne Miller, Realtor.com

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