If you are moving from another state to metro Atlanta or perhaps are even a local resident entering your 60s, you will want to consider the property tax exemptions offered to seniors in Forsyth county.
With a wide variety of retirement communities for practically any budget and lifestyle, Georgia is becoming one of the most popular retirement destinations! The cost of living is lower than the national average. The overall cost of living index in Georgia was 93.4 compared to the national average of 100. In terms of the overall state and local tax burden, the Tax Foundation ranked Georgia 32nd among the 50 states in 2012. Georgia state income tax The Georgia state income tax rate is 1% on the first $750 of taxable income, up to a maximum rate of 6% on taxable income over $7,000 for single taxpayers and over $10,000 for married taxpayers filing jointly. The standard deduction is $2,300 for single taxpayers and $3,000 for married taxpayers filing jointly. If you are over 65 you can claim an additional $1,300 deduction. The personal exemption is $2,700 each for the taxpayer and spouse and $3,000 for dependents. Social security benefits are exempt from the Georgia state income tax. If you are 62 or older, or if you are totally disabled regardless of your age, you can qualify for a $35,000 exclusion of retirement income. You and your spouse must qualify separately, and you could qualify for a total exemption of up to $70,000. (more…)