Taxes

Tennessee and Morristown offer businesses and citizens a competitive tax structure and provides a cost-effective place to live and do business.

Taxes at a Glance

Tax State Local (Hamblen County)
Sales & Use 5.5% on food & food
ingredients; 7% on all
other tangible goods
2.75%
Corporate/Excise 6.5% None
Franchise $.25 per $100 None
Personal Income 6% of interest, dividends None
Business Tax None
General Property None See below

 

Property Tax Rates

  • Hamblen County has one of the lowest property tax rates in the State (out of 95 counties)$1.76/$100 inside Morristown — County Property tax rate = $1.99/$100
  • City of Morristown property tax = $1.20/$100
  • City/County combined property tax rate = $2.96/$100
  • Assessment ratios for real and personal property include:
    • Industrial real property = 40%
    • Industrial tangible personal property = 30%
    • Commercial real property = 30%
    • Residential and agricultural property = 25%

State Tax

For the latest state tax information, click here:  Tennessee State Taxes

Morristown Area Chamber of Commerce * 825 W. First North Street * P.O. Box 9 * Morristown, TN 37815 * 423-586-6382 * 423-586-6576 fax