Kathy & Ben
Georgia’s seniors get property tax breaks in many counties and a special state tax exclusion that was among the factors used by Kiplingers to rank GA #5 as a tax-friendly state for seniors. Cobb, Cherokee and Forsyth Counties are among those providing an exemption from the school tax portion of property taxes for those using their GA home as their primary residence. This break can drop annual property taxes to well below $2,000/yr for most seniors. Call or email us for a chart showing savings for most Metro Counties.
Further, Georgia has an exclusion from state income tax that is directly targeted at seniors. Here’s how it works: The exclusion allows a retiree who is 65 year or older to shield from state income taxes up to $65,000 in pension or investment income a year if single, $130,000 a year if married. It helps younger retirees — ages 62 to 64 — too. They are exempt from state income tax on as much as $35,000 of most types of retirement income, $4,000 in wages.
Retirement income includes interest, dividends, net income from rental property, capital gains, royalties, pensions, annuities and the first $4,000 of earned income, such as wages. Read more about Georgia taxes at Politifact Georgia.