Georgia Seniors’ Property Tax Exemptions & Benefits

Taxes can get confusing but it’s worth studying. If you’re a Georgia senior, there are a number of tax exemptions and benefits you may qualify for — benefits that will ease your tax burden.

GeorgiaLegalAid.org does a great job of explaining the different exemptions and benefits which include:

  • Floating inflation proof exemption
  • Double homestead exemption
  • Property tax deferral
  • School tax benefits

>>Click here to read more about each of those and other benefits that may be of help to you. As well, check out some of the other resources that Georgia Legal Aid offers.

13 Tax Breaks for Homeowners & Buyers

A quick and informative read from Kiplinger

Uncle Sam has a few tax tricks up his sleeve to help you buy a home, save on home-related costs and sell your home tax-free. Some of them are complicated, limited or come with hoops you have to jump through, but they can be well worth the trouble if you qualify. And if your budget is already stretched thin, you need all the help you can get. So, without further ado, here are 13 tax breaks that can help you buy a home and prosper as a homeowner.

  1. Using retirement funds for down payment
  2. Mortgage points deduction
  3. Mortgage interest deduction
  4. Mortgage interest credit
  5. Home office expense deduction
  6. Credits for energy saving improvements
  7. Credit for electric vehicle charging equipment
  8. Deduction for medically necessary home improvements
  9. Deduction of rental expenses
  10. Property tax deduction
  11. Foreclosure or short sale debt forgiveness
  12. Capital gain exclusion when selling home
  13. Increased basics when selling your home

Read more about each of these: 13 Tax Breaks for Homeowners and Home Buyers | Kiplinger

How “tax friendly” is Georgia for retirees?

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.