In the State of Tennessee, real and property taxes are levied by the cities and counties.
You can pay your property taxes at the Trustee’s office, located on the first floor of the Courthouse. Our office hours are 8:00 a.m. to 4:30 p.m. Monday thru Friday. Our mailing address is P.O. Box 259 Trenton, TN 38382 our physical address is 1 Court Square Ste. 102 Trenton, TN 38382. You can also pay online at http://www.tennesseetrustee.com/
|County Wheel Tax||$50.75|
|Trenton City Sticker||$33.00|
Assessments ratios required by law, and the median ratios actually used by assessors, are listed below:
|Assessment Ratio (%)||Legal|
|Industrial & Commercial Real Property||40%|
Industrial & Commercial Personal Property
(including production equipment & raw materials
|Residential & Farm Property||25%|
|Public Utility Property||55%|
- Manufacturers: Finished Good Inventories
- Other Businesses: All Inventories of Merchandise for Sale
Tennessee does not tax earned income. A tax (6%) is levied on dividends and bond interest received by individuals or other entities, including partnership and corporations. In addition, corporations declaring dividends must report the recipients of such payments.
The sales tax or services tax applies to any person or company who manufactures, distributes, or retails tangible personal property within the state. The sales tax law places the legal incidence of tax upon the seller. The Tennessee state sales tax is 7% (5.5% for food & food ingredients for human consumption) and the local sales tax is 2.75%.
The basis for the sales and use tax is the sale price of each item or article of tangible personal property sold at retail; cost price of each article used, consumed or stored for use in Tennessee; lease price of tangible personal property including accounting equipment, cars and trucks, and manufacturing equipment; hotel and motel room charges; parking lot storage of motor vehicles; alcoholic beverages and tobacco products; telephone, telegraph, and electricity; repair and installation of personal property; and amusement and sporting events.
Local Business Tax
The business tax is administered by the state Department of Revenue but collected and imposed by local governments. The owners and operators of all for-profit business, except manufacturers subject to personal property taxation and professionals, must pay the local business tax for each place of business located in either the county or the city which imposes the business tax.
Businesses are grouped into four classifications with rates varying in Trenton from 1/8 of 1% for retail sales to 1/60 of 1% for wholesale sales. Personal property taxes are deductible from gross receipts tax figures. The tax is levied as a substitute for a property tax on inventories. Business exempted include: manufacturers, employers of business, certain blind persons, disabled veterans, and the services of certain professionals.
Sales Tax Exemptions
- Industrial machinery and equipment
- Repairs to industrial machinery
- Air and water pollution equipment
- Raw materials for processing
- Sales to religious, charitable, and educational institutions
- Prescription drugs
- Containers for property sold to consumers
- Sales for resale