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Rogersville, Tennessee

First settled in 1775, Rogersville (population 4,400) is steeped in history. It is in eastern Tennessee and was founded by the grandparents of frontiersman Davy Crockett. Many of its families have lived here for generations.

The post-Colonial downtown is compact, charming and listed on the National Register of Historic Places. Dotted with galleries, breweries, eateries and shops, it is popular with tourists. Notable buildings include the Hawkins County Courthouse, which is the second oldest courthouse in Tennessee. The Tennessee Newspaper and Printing Museum is located in the town's historic train depot.

Heritage Days, Cruise-In on the Square and a large 4th of July fireworks event are a few of the fun town events. The Local Artist Gallery supports fine arts and traditional crafts.

The Holston River runs near town, and the nearby Cherokee Reservoir has 400 miles of shoreline, boat docks, and camping sites. Fishing is popular along the river banks and at the reservoir.

Cost of Living

Rogersville is an affordable town with an overall cost of living 22% less than the national average.

The town is 145% less expensive than San Jose, California, 37% less expensive than Santa Fe, New Mexico and 39% less than Fort Lauderdale, Florida.

The median household income is $24,800.

Real Estate

The median home price in Rogersville is $123,600. This is a 10% increase over the previous year. For comparison, the national median home price is currently $285,101.

Estimates are that Rogersville real estate values will stay steady over the next year.

The median rental price is $550 per month.

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Growth and Drawbacks

Rogersville has maintained its population over the last decade. The crime rate is above the national average.

Taxes

The combined sales tax rate for Rogersville is 9.75%. This is the total of state, county and city sales tax rates.

Tennesse has a 7% state sales tax on vehicle purchases.

The state has no personal income tax, but it does have a 5% tax on stock dividends and bond interest income (the first $1,250 is exempt for single filers and the first $2,500 is exempt for married filers). People who are age 65 or better and who earn less than $37,000 per year ($68,000 for married people) do not pay the tax on dividends and bond interest.

The property tax rate is approximately $768 in taxes per $100,000 of assessed home value. The annual taxes on a $123,600 home are approximately $945. People age 65 or better may receive tax relief on the first $28,300 of their home's market value.

Tennessee does not tax Social Security.

Desire a Nicer Home Without a Mortgage Payment?

If so, consider a Home Equity Conversion Mortgage (HECM) for Purchase. This is a reverse mortgage that lets people age 62+ purchase a new home by using a reverse mortgage.

How does it work? Buyers must put down approximately 45% to 62% of the new home's purchase price, depending on the buyer's age and other factors. This money usually comes from the buyer selling his current home. The rest of the purchase funds come from the HECM loan.

For example, a person sells his home and nets $250,000 from the sale. With a HECM for Purchase Loan he can then buy a new $450,000 home by putting down $225,000 (50%), keeping $25,000 cash in his pocket and financing the remaining $225,000 home price with the reverse mortgage loan. Best yet, the buyer has no monthly mortgage payments.

Talk to a reputable reverse mortgage lender for more information.

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