Benefits of Living in Tennessee

Benefits of Living in Tennessee

The Benefits of Living in Tennessee

Today, we’ll take a look at the benefits of living in Tennessee as well as some interesting facts that may influence your decision to relocate here.

When the United States gained control of Tennessee in 1789, the state was known as Tennessee Territory. It was less than a decade later, in 1796, that Congress declared it to be the 16th state of the union, making it the 16th state overall. A historical foundation for the region can be found in the Watauga Association, which is widely regarded as the first constitutional government formed west of the Appalachian Mountains. Formerly a part of North Carolina and then the Southwest Territory, the land that would become this state was originally part of both states.

Musicians, actors, and other American heroes have made Tennessee their home. The Volunteer State is something of a hidden gem in the United States. Nonetheless, the understated presence and laid-back culture of this state should not be taken too seriously. Tennesseans and visitors alike will find that the state has much more to offer than meets the eye.

For those who plan to visit Tennessee or who are considering a move to Tennessee, it’s a good idea to familiarise yourself with some of the benefits of living there.

The state enjoys a positive reputation as the country music capital of the United States, as the birthplace of barbeque, and as the home of some of the most friendly and welcoming people on the planet. Add to that the fact that it is situated directly on the border between the South and the Midwest, making it a unique crossroads where cultures collide and mix.

In the state’s economy, there are a number of important industries that contribute significantly to its prosperity. Tennessee’s agricultural, tourism, and manufacturing sectors all contribute significantly to the state’s gross domestic product (GDP), with the primary products being cattle, poultry, and soybeans.

Despite the fact that it is ideal if you can visit the state in person to get a feel for this vibrant state, we’ve created this article to serve as a general guide to the state. We’ve compiled a list of the benefits of living in Tennessee for your consideration. Continue reading to find out more information!

  1. The Standard Of Living Is Excellent.

Low property taxes and the absence of a state income tax are just a couple of the reasons why you can afford to live comfortably in Tennessee. Residents of the Volunteer State also benefit from a low overall cost of living, which includes the cost of everyday goods and services. According to one of our source, Tennessee’s cost of living index score is 87.6, which is significantly lower than the national average. When compared to many other parts of the country, home prices in this area are extremely affordable. The average price of a home in the state is $164,500 dollars. Even large cities with high population densities, such as Nashville and Memphis, have affordable housing costs. While the median list price for a Nashville home is $349,900, the median list price for a Memphis home is $150,000.

  1. The Taxes Are Reasonable.

One of the most practical benefits of relocating to Tennessee is that residents are not required to pay state income tax on their salaries or wages while living there. Consider that there is currently a flat tax on all income, including interest from bonds and stock dividends, which is imposed on all sources of income. According to the Chattanooga Times Free Press, however, this tax will be phased out completely within the next year or two. Reports in the newspaper say “the state Legislature agreed in 2016 to begin gradually eliminating the Hall income tax, with its complete elimination taking effect on January 1, 2021.” The residents of this state not only pay little or no state income tax, but they also pay very low property taxes. As reported by SmartAsset, the state of New York has some of the lowest property taxes in the United States.

  1. The Medical Facilities Are Of The Highest Calibre.

If access to high-quality healthcare is at the top of your priority list, you’ll find a plethora of top-tier hospitals and healthcare facilities scattered across the state. In addition, Tennessee is home to some of the best doctors in the country, according to Forbes. In Tennessee, there are a number of excellent hospitals, including the Vanderbilt University Medical Center, the CHI Memorial Hospital, the University of Tennessee Medical Center, Baptist Memorial Hospital, and Ascension St. Thomas Hospital West, among others.

  1. The Great Smoky Mountains Are Literally Right Outside Your Door.

Tennessee’s picture-perfect mountain landscape provides a plethora of opportunities for outdoor enthusiasts to see and do everything they desire. Tennessee, which is home to the Great Smoky Mountains, a subrange of the Appalachian Mountains, is unquestionably one of the most beautiful places on the planet for nature enthusiasts. If you’re looking for outdoor recreation in Tennessee, you won’t be disappointed. The state is home to some of the best hiking trails in the country as well as waterfalls, scenic drives, and camping sites.

  1. There Is An Incredible Music Scene.

The fact that Tennessee has one of the most vibrant music scenes in the country is a well-known fact. Tennessee has been “home” to some of the most famous names in music history, including Johnny Cash and Dolly Parton, B.B. King, and Elvis Presley, to name a few. Today, the state continues to be a hotbed for a variety of musical genres, including country, rock and roll, bluegrass, soul, and R&B, among others. Tennessee’s capital city is even referred to as “America’s Music City” because of its seemingly never-ending array of music festivals, music venues, and live performances. You’ll be right at home in Tennessee if music is your passion, it goes without saying.

  1. The Job Market Is Thriving At The Moment.

Do you require employment? Take into consideration relocating to Tennessee. Tennessee has a thriving economy and a plethora of large corporations, making it one of the best places in the United States to find work. Every year, thousands of job seekers flock to Nashville, Tennessee in particular. Music City is, according to the Wall Street Journal, currently the second hottest job market in the country, with one of the lowest unemployment rates in the United States. FedEx, Dollar General, HCA Healthcare, Cracker Barrel, and LifePoint Health are just a few of the large corporations that have chosen Tennessee as their home base. Tennessee has no trouble attracting top-tier talent from across the country, thanks to the state’s numerous businesses, tax-friendly environment, and numerous colleges.

  1. The Cuisine And Dining Are Of The Highest Calibre.

Tennessee’s food and dining scene is as diverse as it is iconic, and the state is known for both. Tennessee is home to some of the world’s best food, from southern classics (think: barbeque, meat and threes, and hot fried chicken) to renowned, elegant cuisine (think: Blackberry Farm’s delectable menus and Nashville’s James Beard award-winning restaurants), and it’s all here. Foodies will undoubtedly find everything they’re looking for and more in the Volunteer State, thanks to its diverse selection of cuisine.

  1. The Schools And Universities Have A High Level Of Respect.

One of the most compelling reasons to relocate to Tennessee is the quality of the educational opportunities. In the Volunteer State, students will have a plethora of educational options to choose from. Several top universities and colleges, including Vanderbilt University, the University of Tennessee, Belmont University, The University of the Southern California, Rhodes College, and the University of Memphis, are located in Tennessee, including Maryville College and the University of Memphis. In addition, families with school-age children will not be short of options for highly regarded public schools in the entire state of Tennessee. As a result of our research and analysis, several top-ranked school districts in the state have been identified, including Germantown, Collierville Schools, Johnson City School District, Greeneville City Schools, Maryville City Schools, Kingsport City Schools and Oak Ridge School District.

  1. Seasonal Fairs and Festivals.

To say that Tennessee is one of the most active hotspots for music festivals and seasonal fairs would not be an exaggeration. Those who live in Tennessee enjoy a unique blend of southern hospitality and midwestern friendliness, which makes for a great outdoor party.

Come to the Volunteer State for massive music festivals such as Bonnaroo, Nashville fairs and block parties, almost weekly parades, and world-class country music shows, to name a few attractions. From small towns to the state’s most important cultural destinations, music can be heard everywhere.

However, it is not only music that is being celebrated. Enjoy Daffodil Day in Bell Buckle, or the Trails and Trilliums flower festival in Monteagle, both of which take place in the springtime. And don’t forget about all of the barbeque festivals that take place throughout the summer. Every weekend is jam-packed with activities and opportunities to connect with others.

  1. Barbecue of the Highest Calibre

What goes best with live music, outdoor fairs and festivals, and other outdoor gatherings? For many people, there’s nothing quite like a good barbeque. Tennessee barbeque, despite the fact that every grilling hotspot in the country has its own distinct flavour, takes the cake for its unique blend of sweet and spicy flavours.

In one of Tennessee’s BBQ Meccas, Memphis barbeque, which is one of the only places in the country to use a dry rub preparation, uses a dry rub preparation. This technique imparts a tangy, spicy, and slightly sweet flavour palate to the meat. Once you’ve had Memphis barbeque, it’s impossible to forget it!

Summer music festivals, friendly talkative people, and open city streets are all found in the same places where there is barbeque. For those seeking an exhilarating respite from a coastal city or regional capital to explore, we recommend that you follow the barbeque and travel to Tennessee.

  1. The Weather Is Generally Pleasant Throughout The Year.

Do you want to live in a place where you can experience all four seasons? In Tennessee, you’ll be able to enjoy spectacular seasonal weather. While the climate varies depending on where you are in the state, the weather is generally mild to moderate for the majority of the year in most places. Seasons that are particularly harsh are rare in most of Tennessee. Summers will be warm and pleasant, and residents will enjoy autumns that are ablaze with colour from the changing leaves. Winters will be chilly, and summers will be warm and pleasant. Tennessee has relatively mild weather for the majority of the year when compared to many other Midwestern and Northeastern states.

  1. Population Growth Is Exploding

In the United States today, there has been a mass exodus from expensive coastal cities to less expensive cities in the interior and south. Tennessee, along with North Carolina and Georgia, is one of the most popular new destinations for families relocating from other states. Diversity and multicultural blending are on the rise, which is a good thing, but population density in cities is increasing at a rapid pace as well.

Not only families, but also businesses are relocating to Tennessee. As a result, infrastructure is being overburdened, and transportation needs to be overhauled at the state level. Nashville and Memphis are the cities that are being targeted the most right now.

On the plus side, urbanisation is generating a significant amount of revenue for the state. Remote workers can relocate here without having to worry about losing their connections with their employers. Tennessee might just be the best new home for you, as long as you are aware of the state’s changing face (and faces), as well as its changing demographics.

  1. The Cities Are Among The Best Places To Live In The Country, According To Some Surveys.

Several cities, towns, and suburbs in Tennessee are excellent places to live, and the state has a lot to offer. Retirees, families, singles, and professionals will all be able to find a city that meets their specific requirements and financial constraints. There are several of the most popular places to call home in the state of Tennessee. These include Brentwood, Nashville, Franklin, Germantown, Knoxville, Collierville, Hendersonville, Maryville, Johnson City, Chattanooga, Memphis, Smyrna, and Spring Hill, among other cities and towns. You can choose from a variety of unique cities in Tennessee, whether you want to live in an urban metropolis with plenty of activities or a quiet mountain town with little activity.

  1. Explore More Than 9,000 Caves.

The central region of the United States has long been known as the caving capital of the world, stretching from Missouri to Kentucky and Arkansas to Tennessee. Tennessee and its neighboring states are able to boast such beautiful subterranean vistas because of a unique geological combination of standing water and porous rock.

Many caves in Tennessee are open to the public for no charge. However, there are about a dozen large cave systems that charge a small fee to provide tours for you and your family. The state does an excellent job of protecting and maintaining these natural resources. Visitors to Tennessee caves are likely to remember the sights, sounds, and sense of wonder that they experience while exploring them for the rest of their lives.

  1. Large Metropolitan Areas with Average Salaries

The first question that any prospective transplant in this country should ask themselves before moving is whether or not they will be able to make enough money in their new home. Depending on where you live in Tennessee, the average salary ranges from $51,000 in Nashville to $44,000 in Chattanooga, a smaller city. Keep in mind that the cost of living in Tennessee is exceptionally low, so those figures are representative of the national average.

If the salary is lower than you would like, keep in mind that there are a plethora of job opportunities available in today’s big cities. Furthermore, Tennessee is home to large corporations such as FedEx, AutoZone, and Dollar General, all of which are constantly hiring for well-paying positions. Additionally, Nashville and Chattanooga, two cities that have recently invested in lightning-fast internet and more hotspots, may prove to be successful destinations for entrepreneurs.

  1. Each City Has Its Own Personality And History.

The final point on the list of benefits of living in Tennessee is unquestionably a pro. Tennessee is a developing state with a population that is becoming increasingly youthful. So, tens of cities and towns that were once struggling are now vibrant and exciting once more, thanks to this transformation.

For the time being, set aside Nashville and Memphis. There are a plethora of cities with populations of around 100,000 people that each have their own distinct culture. The cities of Franklin, Knoxville, Murfreesboro, and Chattanooga all scream out for your consideration. It would be difficult to find a state with a greater number of small towns that are home to works of art, music, literature, business, and innovation.

Tennessee Offers a Number of Tax Benefits

Tax burdens for Tennessee residents are among the least onerous among states in the country, according to a report in the Milwaukee-Wisconsin Journal Sentinel. The state, on the other hand, has one of the highest rates of sales tax in the entire country. Tennessee is also one of only eight states that levies an inheritance tax on those who inherit from a deceased person’s estate. Tennessee, on the other hand, is a good place to live if you are concerned about protecting your income from taxation.

Tax on Earnings

Tennessee does not tax your earned income, despite the fact that the state does not exempt all of your income from taxation. The average worker does not have to pay a single cent in income tax on his or her earnings. Retirement benefits, such as military, Social Security, and pension income, are also exempt from state taxation in the state of California. It levies a 6 percent income tax on interest and dividend income over $1,250 for individuals and $2,500 if you’re married and filing a joint return, but only on that income.

Tax on Real Estate

Tennessee’s property tax rates are in the middle of the road. In some ways, they are advantageous, but in others, they are not so beneficial. Because the state does not allow you to exempt any portion of the value of your home from property tax, you must pay the full fair market value of your home. However, you will only be required to pay 25 percent of that amount, which is less than in some other jurisdictions. In Tennessee, if you’re over the age of 65 and have a limited income, you may be eligible for special programmes that can help you lower your property tax bills.

Tax Breaks for Small and Medium-Sized Businesses

The state of Tennessee offers two notable tax credits for those who own or plan to start a business in the state of Tennessee. Companies that spend at least $500,000 on the hiring of at least 25 new employees are eligible for a credit of at least $50,000 off their tax bill, or $2,000 for each new employee hired under the programme. It is possible to receive a $10,000 credit against any excise taxes that your company incurs during the course of the business year if your company invests $1 million in equipment. Small businesses, on the other hand, do not benefit from these tax breaks.

Transfer of Wealth Tax (also known as Inheritance Tax)

Despite the fact that Tennessee is one of only a handful of states that imposes an inheritance tax, the legislation is generally favourable to taxpayers. Due to a $1 million exemption provided by the state, this tax law would not apply to you unless you were to inherit a substantial sum of money. Your inheritance will be taxed between 5.5 percent and 9.5 percent of its total value over $1 million, depending on the amount of your inheritance. The lower the value, the lower the percentage you will be required to pay. If someone names you as the sole beneficiary of his $1.3 million estate, you would owe $22,500 in inheritance tax, or 7.5 percent of the $300,000 value of the estate over $1 million, according to the Internal Revenue Service. If someone leaves you his $500,000 home, on the other hand, it is completely tax-free.

References:

https://www.moving.com/tips/10-reasons-to-move-to-tennessee/
https://pocketsense.com/tax-advantages-tennessee-12067513.html

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