LOUDON, Tenn., Feb. 28, 2013 /PRNewswire/ -- Tellico Village, a planned active-adult community located on Tellico Lake in East Tennessee, continues to experience steady growth in spite of a stalled economy due, in part, to the triple benefit of no state income tax, low property taxes and a lower cost-of-living than communities in other parts of the country.
Over 90 percent of Tellico Village homes are located in Loudon County, where the property tax rate is 1.7869 percent per $100 of assessed value (for example, a $200,000 value property would pay $893.45 per annum). Over the past decade, Tellico Village homes have sold at 94 percent of the listing price, with the average price per square foot up 12 percent over the same time frame, from $112.92 to $126.57. The average sale price of homes has increased 21 percent from $286.704 in 2003 to $346,419 in 2012. Furthermore, in 2012, Tellico Village sold 73 percent more houses than in 2011 (137 versus 79) with a 6 percent decrease in average days on the market.
"We firmly believe Tellico Village has the best combination of location, lifestyle and value for future retirees," said Winston Blazer, general manager for the Tellico Village Property Owners Association. "Our property owners enjoy the finest in lake living in a beautiful area with a low tax burden."
Tax increases set to go into effect in 2013 makes tax-friendly retirement communities even more attractive. The tax rate on long-term capital gains could increase from 15 percent to 20 percent while the rate on qualified dividends is set to go up from 15 percent to an effective 44.6 percent. Additionally, the federal estate tax rate will increase prompting future retirees to carefully weigh their residential options.
"The quality of life my wife and I enjoy here at Tellico Village is far superior to our previous suburban Detroit life," says Chuck Hitch, retired public educator from Grosse Pointe, Mich., a 13-year resident of Tellico Village. "The tax burden in East Tennessee is far less than our previous home and was a significant factor in our decision to move to Tellico Village."
The majority of Tellico Village residents relocate from Michigan, Illinois, Florida and Ohio, places with higher taxes, steeper gas prices and more expensive groceries. They come for the temperate climate, the picturesque mountains and the geographic convenience of the I-75 Corridor, that places this lifestyle community at the epicenter of the Southeast, within a day's drive of 60 percent of the population of the eastern United States.
Tellico Village is a planned, active adult community established in 1986 and located in Loudon County and Monroe County, Tennessee. It encompasses nearly 5,000 acres along Tellico Lake with the community continuing to grow because of the variety of recreational amenities available and the friendliness of the nearly 7,000 residents.
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SOURCE Tellico Village