Best Tax Attorneys in Memphis

FAQs

• Where does the Tax Court hold trial sessions closest to Memphis, Tennessee?

  Trial sessions in Memphis are held in Tennessee Tax Court, located at Room 1006 Federal Building 167 N. Main Street.

• Where is the low-income taxpayer clinic that is closest to Memphis, Tennessee?

  The nearest low-income taxpayer clinic in Memphis is located in 200 Jefferson Avenue Suite 1075 Memphis, TN 38103. Taxpayers can also contact them at 901-523-8822.

• What is the sales tax rate in Memphis?

  In Memphis in 2023, the sales tax rate is 9.75%. This is calculated by adding the total sales tax rate value of Shelby County, which is 2.25%, Memphis, which is 0.5%, and Tennessee, which is 7%. The Memphis sales tax rate, on the other hand, has a maximum of 2.75%. Furthermore, this tax system ranks 14th overall on the 2023 State Business Tax Climate Index.

• Who is eligible to apply for a property tax freeze program in Memphis?

  Taxpayers in Memphis who are 65 years of age or older are eligible to apply for the property tax freeze program, which allows them to freeze their property tax even if the rate increases under Article II Section 28 of the Tennessee Constitution. Seniors must have an income that does not exceed the county's income limit and own their primary residence. To apply for the program in Memphis, they must also provide proof of ownership, a birth certificate, and a voter registration card.

• How much is the inheritance tax in Memphis?

  There is no inheritance tax in Memphis; however, if you inherit something from someone who lives out of state, the inheritance tax rules of that state may apply. Kentucky, for example, has an inheritance tax even if an out-of-state individual inherits it. Memphis, on the other hand, has a federal gift tax exemption of $17,000 per recipient per year and a federal estate tax exemption of $12.92 million.

• When should taxpayers call a tax advocate in Memphis?

  Memphis taxpayers should contact a tax advocate if their tax problems are causing them financial hardship or if their business is facing an adverse action. Taxpayers who are having problems with the Internal Revenue Service, such as being unresponsive or making unfulfilled promises, should contact the Memphis Taxpayer Advocate Office, which is located at 5333 Getwell Road, Stop 13 Memphis, TN 38118.

• Who are qualified for property tax relief in Memphis?

  According to the Tennessee State Board of Equalization, low-income individuals 65 and older, permanently disabled homeowners, and veterans and their surviving spouses in Memphis can apply for property tax relief. Elderly and people with disabilities in Memphis with a maximum of $31,600 annual income can be reimbursed a tax relief of $30,000. On the other hand, veterans and their surviving spouses can get tax relief on the first $175,000 market value regardless of their annual income.