- Georgia state income taxes are 1 to 6%
- Georgia state sales tax is 4%
- No state estate tax
- No state inheritance tax
- State tax on pensions but not on social security
- Partial school tax exemption for those 62 and older, total exemption at 70 years old
10 Most Tax Friendly States for Retirees, Kiplinger
Retirees looking for tax relief may want to take a midnight train to the Peach State. Social security income is exempt from state taxes, and so is up to $35,000 of most types of retirement income for residents age 62 to 64. For those 65 and older, the exemption is $65,000 (or $130,000 per couple).
Retirement income includes income from pensions and annuities, interest income, dividend income, net income from rental property, capital gains income, and the first $4,000 of earned income, such as wages.
The statewide sales tax is low (food and prescription drugs are exempt), but jurisdiction can add up to an additional 4% of their own taxes.
A Georgia homeowner may pay a combination of county, city, school and state taxes, depending on the location. The median property tax on a $162,800 median valued home is a low $1,346, according to the Tax Foundation. Plus individuals age 65 are eligible for an exemption from all state property taxes on their home and up to 10 acres of land. The state property tax is being phased out by 2016.
Hall County Community Amenities
Gainesville and Hall County Georgia has been nationally recognized as a top place to live for the affordability, taxes, medical care, hospitality, etc. AARP (American Association for Retired People) wrote last year that Gainesville’s, “Southern charm, brick sidewalks, and great shopping are all part of beautiful Gainesville. Lake Lanier provides a great opportunity to take a boat out on the water for a leisurely day of relaxation. You can also water ski, jet ski, sail, row, kayak and canoe. It’s also a great place for golfers; the area provides 15 courses.”
AARP also named Gainesville as one of the five most affordable places to retire.
“Our elected officials place a great deal of emphasis on making Gainesville services and amenities the best for families of all ages. We appreciate being recognized by AARP since they are considered to bethe experts on retirement. We are especially pleased they called
attention to our downtown, which really is the heart of our community,” Gainesville City Manager Kip Padgett said.
According to the article in USA TODAY, some of the criteria for selection included property and sales tax rates, recreation, health care and livability.
In 2012, Where to Retire chose Lake Lanier as a top spot to retire and the magazine’s editor, Mary Lu Abbott, said, “Lakeside communities, such as Gainesville, offer retirees a laid-back lifestyle away from big-city hassles and with all the recreational perks of water access.”
Not only is there great entertainment, dining and outdoor activities but Hall County also is home to the best hospital in the state.
In February 2015, the Northeast Georgia Medical Center (NGMC) was voted Georgia’s No. 1 hospital for the second consecutive year and No. 2 in the nation according to a recent study by CareChex, an independent healthcare quality rating service.
The CareChex study includes virtually all general, acute, non-federal U.S. hospitals and measures them across several categories including quality of medical care, outcomes of care and patient satisfaction. The 2015 study also rated NGMC No. 2 in the nation for Overall Hospital Care, according to NGHS.com.
“To be named one of the top three hospitals in the nation, between other industry icons like Mayo Clinic’s flagship campus in Rochester, Minn., and University of Michigan Health System, is quite an honor,” says Carol Burrell, president and CEO of Northeast Georgia Health System.
The CareChex study rated NGMC No. 1 in Georgia for Overall Hospital Care, Overall Medical Care and Overall Surgical Care – thus earning the distinction of Georgia’s No. 1 hospital.
The study also rated NGMC as:
Georgia’s No. 1 Surgery Hospital
Georgia’s No. 1 Heart Hospital
Georgia’s No. 1 Orthopedic Surgery Hospital
Georgia’s No. 1 Vascular Surgery Hospital
Georgia’s No. 1 Women’s Hospital
Georgia’s No. 1 Neurological Hospital
Georgia’s No. 1 Pulmonary Hospital
Prepared by The Abernathy Cochran Real Estate Group of The Norton Agency. Realtors Brad Abernathy, Regina Cochran, Beverly Filson and their Team collectively provide premier real estate services to the Northeast Georgia community and particularly to their home in Hall County.