Baby-boomers and seniors want to retire and move to a tax-friendly state. So, how tax-friendly is Georgia? An Atlanta Journal Constitution article looked at that and found that it ranks pretty well for the following reasons:
- There is no tax on Social Security retirement benefits.
- Anyone 65 and older is offered a maximum deduction of $65,000 per person on all types of retirement income.
- Sales taxes and property taxes are relatively moderate. The 4% sales tax puts Georgia in the bottom 20 of the country. Georgians pay below-average for property taxes. It’s around $870 per year in property taxes per $100,000 in home value.
- There are no inheritance or estate taxes.
>Click here to read the full article written by Kiersten Willis with the Journal Constitution.
>Click here to read a related article: Lack of inheritance and estate taxes makes Georgia a popular place to retire.