Kiplinger considers Georgia a tax-friendly state for retirees, not only because it has no inheritance or estate taxes. Georgia also has a moderate average combined sales tax rate of 7.35%, and prescription drugs and motor vehicles are generally exempt from state taxes here, though some local taxes may apply.
Kiplinger also notes that “taxpayers 65 and older can exclude up to $65,000 of retirement income (up to $35,000 for taxpayers age 62 to 64),” while for homeowners ages 62 and up who earn $10,000 or less, “up to $10,000 of their property’s assessed value is exempt from school taxes.”
When people consider retiring in Georgia, they think about the beauty of the state’s varied locales, from its coastal beaches and serene mountains to vibrant, bustling cultural cities like Atlanta. They consider the diverse range of communities and activities available.
But knowing that Georgia may also be a bit friendlier on a retirement budget and that estates can be handed over to loved ones without estate or inheritance taxes are an important part of that consideration, too.
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