Tax Friendly States in the South
Atlanta, Georgia (PRWEB) November 24, 2015
These days, Real Estate Scorecard sees more and more people are moving to the state of Georgia for healthy retirement living. Not only does Georgia have beautiful scenery, great weather, and an Atlantic Ocean coast, but the cost of living comparison is also an attraction. In 2015, Georgia was named one of America's Most Tax-Friendly States by Kiplinger and Real Estate Scorecard couldn't agree more. Georgia boasts low and affordable real-estate prices. For many retirees, who want pleasant weather, quality healthcare, and a comfortable, affordable lifestyle, there are plenty of excellent active retirement communities in Georgia to choose from. In northern Georgia, Real Estate Scorecard recommends places like Soleil Laurel Canyon and Big Canoe. On the coast, The Landings in Savannah.
In the recent study conducted by Kiplinger, which compared taxes on retirees in all 50 states, Georgia ranked as the #5 "most tax-friendly" state. This study was based on criteria such as Social Security benefits, property taxes, and state income taxes. Some of the best tax benefits in the state of Georgia include:
A 4% sales tax, with food and prescription drugs totally exempt (however local taxes may add another 4%)
Social Security benefits are not taxed
Those who are 62 years or older may receive a retirement-income exemption, which includes pensions and annuities, interest, dividends, net income from rental property, capital gains, royalties, and the first $4,000 of earned income, such as wages.
There is no inheritance tax or estate tax
Individuals of ages 65 and older can claim an exemption from all state property taxes on their home and up to 10 acres of land surrounding the home. For those 65 and older who earn $10,000 or less, $4,000 of their property's value is exempt from state and county taxes as well.
Real Estate Scorecard recommends consulting with a certified public account, tax attorney or financial planner for more information.
COST OF LIVING COMPARISON
And if folks are doing a cost of living comparison, consider Georgia's property costs compared to the rest of the country. According to Zillow, the median home price in the United States is $182,500, while Georgia's median home price is currently $116,300. That represents a 30% discount from the average US home price. With such a great markdown, retirees are grabbing up mountain estates, oceanfront homes, and moving to active retirement communities in Georgia.
Financial benefits aside, the state is a haven for those who enjoy natural outdoor living. Whether you like mountain views, the foothills in Autumn, or the feel of an ocean breeze, Georgia has a place to suit you. In the north, mountains and lakes sweep across the beautiful terrain, while to the east, sandy beaches flow along the lowlands of the coast. Throughout the state, golf and fishing are popular ways for residents to spend their days, while others prefer the wide variety of dining and entertainment. Active retirement communities in Georgia feature amenities such as tennis gardens, golf courses, resort-style swimming pools, marinas, clubhouses, and nature trails for walking.
Folks who are looking for a great place to retire, where winters are warm, life is affordable, and healthcare is top-quality, then check out some of the best active retirement communities in Georgia. For active adults, and retired couples, Real Estate Scorecard believes Georgia has it all.
About Real Estate Scorecard:
Real Estate Scorecard writes unbiased real estate reviews providing in-depth information about popular gated communities in Florida, Georgia, the Carolinas, Tennessee and Central America, all in an effort to help people discover where to retire in the South.