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 | 4% 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) — County Property tax rate, outside City limits = $1.97/$100; County Property tax rate, inside City limits = $1.76/$100
- City of Morristown property tax = $1.40/$100
- City/County combined property tax rate = $3.16/$100
- Assessment ratios for real and personal property include:
- Industrial & commercial real property = 40%
- Industrial & business tangible personal property = 30%
- Residential and agricultural property = 25%
State Tax
For the latest state tax information, click here: Tennessee State Taxes
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