Does Georgia have any tax breaks for seniors?
Yes! Seniors get a break on state income tax, and legislation is underway for a property tax exemption for seniors. On state income tax, Georgia’s tax law does allow for the exclusion of a portion of retirement income from state income tax as a benefit for all retirees age 62 or older, or for those who are permanently disabled. The exclusion amount, which is being phased in over three years, is $25,000 for tax year 2006, $30,000 for tax year 2007, and $35,000 for tax years beginning on or after Jan. 2008. On property taxes, a vote will be coming up in November, 2006, to exempt seniors age 65 and older from the state portion of their property tax. County and/or city taxes would still apply.
