Pertinent Information On Georgia Taxes For Savannah Real Estate Buyers
State Sales Tax: 4% (food, prescription drugs exempt), local taxes may add an additional 3%. Gasoline Tax: 7.5 cents/gallon Diesel Fuel Tax: 7.5 cents/gallon Gasohol Tax: 7.5 cents/gallon Cigarette Tax: 37 cents/pack of 20
Personal Income Taxes
Tax Rate Range: Low - 1.0%; High - 6% Income Brackets: Lowest - $1,000; Highest - $10,000 (Married filing joint return) Number of Brackets: 6 Personal Exemptions: Single - $2,700; Married - $5,400; Dependents - $2,700
Standard Deduction: Single - $2,300; Married filing joint return - $3,000; Taxpayer over 65 - $700 additional; Spouse over 65 - $700 additional
Medical/Dental Deduction: Same as Federal taxes Federal Income Tax Deduction: None Retirement Income Taxes: Social Security is exempt. Taxpayers 62 and older or disabled may exclude $15,000 in pension and investment income, plus up to $4,000 of earned income. All out-of-state pensions are eligible for the $15,000 exemption. The retirement income exclusion increases to $25,000 for tax year 2006, $30,000 for tax year 2007, and to $35,000 for years 2008 and beyond.
Retired Military Pay: Up to $14,000 of military retirement pay excluded for individuals 62 or older, or those permanently and totally disabled; Survivor benefits are taxable.
Military Disability Retired Pay: Disability Portion - Length of Service Pay; Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless combat incurred. Retired Pay - Based solely on disability: Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless all pay based on disability and disability resulted from armed conflict, extra-hazardous service, simulated war, or an instrumentality of war.
VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.
A homeowner may pay a combination of county, city, school or state taxes depending on location. Property tax relief measures are included in the state's comprehensive property tax credit law that can be viewed on their web site. Homeowners / Savannah real estate owners 62 and older who earn $10,000 or less, will find that up to $10,000 of their property's assessed value is exempt from school taxes. Persons 62 or older whose family income does not exceed $30,000 may qualify for an exemption from state and county property taxes equal to the amount by which the assessed value of the homestead exceeds the assessed value for the preceding tax year. 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. Call 404-968-0778 for details. To view additional information about property taxes.
Inheritance and Estate Taxes
There is no inheritance tax and only a limited estate tax. For further information, visit the Georgia Department of Revenue site. * The tax brackets are for single individuals. For joint filers the income brackets range from $1,000 to $10,000. //