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Talk to a Specialist →| Factor | Illinois | Tennessee | Notes |
|---|---|---|---|
| State income tax (IL) | 4.95% flat — no retirement exclusion | $0 | IL taxes pension, IRA, SS equally at 4.95% |
| State income tax (TN) | — | $0 | Zero — no calculation, no exclusion to manage |
| Property tax — $500K home | $6,000–$13,000/yr (Cook/DuPage/Lake Co.) | $2,750–$3,250/yr (Wilson Co.) | Naperville/Schaumburg often $9,000–$13,000/yr |
| Property tax protection | Senior freeze available but income-limited | TN freeze at $63,470 (Wilson Co.) | TN freeze is more comprehensive and higher-income |
| Homeowners insurance | ~$1,800–$3,000/yr | ~$1,400–$3,000/yr | Comparable |
Illinois charges a flat 4.95% income tax with no exemption for retirement income — meaning every dollar of your IRA withdrawal, pension, or Social Security is taxed at the same rate as earned income. Tennessee's zero. A couple drawing $90,000 per year saves exactly $4,455 annually, every year, without needing to track exclusion thresholds or phaseouts.
DuPage, Lake, and Cook County property taxes on a $500,000–$700,000 home often run $9,000–$13,000 per year. The Wilson County equivalent is $2,750–$3,900. BNA airport with direct Chicago service (O'Hare and Midway) means IL buyers can stay connected to family without the move feeling like a disappearance.
We connect buyers with agents who know this market from the inside — real cost math, honest comparisons, and what's actually happening right now. Every agent is personally vetted by the Nova55Living founder. No scripts, no pressure.
The top choice for Chicago suburb buyers. Del Webb brand recognition, established social calendar, Wilson County freeze.
Del Webb entry price for buyers converting midrange Illinois equity. Newest construction in Wilson County.
Smaller, quieter alternative. Same Wilson County tax freeze. Lower HOA than Del Webb.
Wilson County freeze limit: $63,470. Most IL retirees with Social Security plus modest pension fall within this threshold.
The freeze requires annual reapplication with your county Trustee's office. It is not automatic — and it is the most commonly forfeited financial benefit in the Nashville 55+ market. Put it in your calendar from day one of ownership.
Tell us your Illinois home value, target purchase price, and retirement income — we will build the full tax comparison and community recommendation for your situation.
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