20Gauge
TB Fanatic
It is tax time again this year. I am going to remind everyone who is 65 and older who lives in the formerly Great State of Georgia (sorry Trump we failed) that there are special property tax deductions if you can meet income limits. I understand that this law applies to all the counties in the state, but each county sets its own income limit. So check with the local tax office for those limits.
For this example I will provide the rules from Glynn County GA
Homeowners who are 65 years of age (proof of age required) or older on January1, and whose income together with the income of the spouse does not exceed $40,000 for the immediately preceding year may claim an additional exemption from School Ad valorem tax. ***Please phone the office for special requirements (912) 554.7000.
In Glynn County, we are to use the Georgia tax return line 10 to show the Georgia taxable income. It is not your federal income tax that matters in this case.
If you exercise the deduction, you can eliminate 2/3 of your property taxes in the county.
It is my understanding that McIntosh county has a $25,000 limit on income.
So check your area for the rules. Hope this helps.
For this example I will provide the rules from Glynn County GA
Homeowners who are 65 years of age (proof of age required) or older on January1, and whose income together with the income of the spouse does not exceed $40,000 for the immediately preceding year may claim an additional exemption from School Ad valorem tax. ***Please phone the office for special requirements (912) 554.7000.
In Glynn County, we are to use the Georgia tax return line 10 to show the Georgia taxable income. It is not your federal income tax that matters in this case.
If you exercise the deduction, you can eliminate 2/3 of your property taxes in the county.
It is my understanding that McIntosh county has a $25,000 limit on income.
So check your area for the rules. Hope this helps.
