Tennessee has a high sales tax rate when compared to other states. In fact, it shares the seventh-highest statewide sales tax rate in the nation with Louisiana and Arkansas. California, which has a statewide rate of 7.25% plus extra municipal taxes that can raise the whole amount to almost 10%, is the state with the highest sales tax rate.
On the other hand, some states do not impose any sort of sales tax. Alaska, Delaware, Montana, New Hampshire, and Oregon are a few of these. Colorado, which has a state rate of 2.9%, has the lowest sales tax among the states that do levy one. Local taxes can still be charged in addition to that rate, though.
Moving on to property taxes, seniors in North Carolina who satisfy certain requirements may be entitled to a property tax exclusion. The exclusion pertains to the lesser of $50,000 or 50% of the eligible residence’s appraised value. The homeowner’s income must be $31,500 or less, and they must be at least 65 years old or fully and permanently disabled.
All things considered, North Carolina is regarded as a tax-friendly state for seniors. Social Security payouts are not taxed in the state, which has a comparatively low income tax rate. In addition, North Carolina offers a homestead exemption from property taxes and a program to reduce property taxes for low-income seniors and people with disabilities. The state does have a sales tax rate of 4.75%, which may be higher in some regions, it should be mentioned.
The bottom line is that Tennessee has a rather high sales tax rate in comparison to other states, with a 7% statewide rate and extra local taxes that can raise the whole amount to roughly 10%. Although North Carolina is generally regarded as a tax-friendly state for retirees, seniors there may qualify for a property tax exclusion.
I’m sorry, but the question you asked has to do with the sales tax in North Carolina, not Tennessee. However, in general, in North Carolina, exemptions from sales tax may differ based on the kind of good or service being purchased, in addition to the buyer’s status as a tax-exempt individual. Sales to nonprofit organizations, certain medical supplies, and specific instructional materials are a few examples of frequent exemptions. For more information on sales tax exemptions, it is advisable to contact the North Carolina Department of Revenue or a tax expert.
Unfortunately, Durham, North Carolina’s property tax rate is not mentioned in the article “Sales Tax in Tennessee: What You Need to Know”. The current property tax rate for Durham, North Carolina is $0.7211 per $100 of assessed value, according to the Durham County website.