Posted on 07/22/2019 11:31:16 AM PDT by aberaussie
Retirement/Income tax
Tennessee does not tax retirement income. Georgia does not tax retirement income until it exceeds $130,000 per couple. Neither tax SS income. So if your retirement income is less than $130,000 / year then there is no difference on the income tax. Above that amount, the Georgia tax rate is 5.5% - Tennessee 0
Property Tax
Georgia 0.93 (low)
Tennessee 0.75 (very low)
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So many details left out of your post t make it impossible to evaluate.
And Tennessee has no income tax.
So if you're at least 65 and have a taxable income less than $65K ($130K if married), then income tax wise there's no difference between Tennessee and Georgia because both are $0.
I've researched this because my wife and I think about retiring to the same area in a few years. But it's off the table if Georgia or Tennessee force their residents to root for the Dawgs or Vols. :)
Georgia Tech.
Property tax varies a lot by county in GA. Many counties have generous prop. tax breaks for those in the 65-70 year old range (i.e. little or no school tax and other breaks). However, there are some counties that don’t offer much in the way of prop. tax breaks for Seniors, so you just have to research county by county since it can make a big difference.
Sales tax is higher in Tennessee; 9.46% vs 6%
Many counties in Georgia drop school taxes and bonds from property taxes after age 62 (as of January 1st). Our Property taxes went from $1600 to $500. TN gives a break to seniors over 65 but limit the income to $29,180. There is NO INCOME limit to LOSE THE PROPERTY TAX BREAK IN GEORGIA.
TN has a lower Property Tax rate than Georgia, but the above may make the difference.
Another tax break for seniors is the school tax exemption in some Georgia counties where people over 62 or 65 don't pay school taxes that would be included in property taxes.
Here's a link that covers counties in the Atlanta area:
North Georgia near the Tenn. North Carolina boarder area has many ultra low price houses for sale. Toccoa Georgia real estate is incredible. Rural areas near Dalton in West Ga. to Taccoa in east Ga. are all very nice and affordable for those who want to move to the slower side of life.
Have you considered Alabama? Right next door. Does not tax social security. Does not tax military retirements or government retirements. Does tax IRA or 401K withdrawals.
Which State will turn Purple (of it isn’t already) then Blue first?
That is what’s kept us out of AZ and NV after escaping Commiefornia. They were on the list but times have changed.
We are temporarily living in the Free State of MS due to Family being here. Our final Retirement destination is still up in the air.
I’m thinking Georgia will turn true Blue sooner than TN, but I could be wrong.
Georgia doesn’t tax distributions from IRAs, pensions or Social Security. With the high exemptions from other income, I’ll never pay Georgia income tax.
My mother lived in Tennessee and although she paid no income tax there, she had to pay over $1000 per year because they taxed her bank and securities accounts (I guess it was some sort of ad valorem tax). I guess they like to punish people who saved their money all their life.
As a veteran, I have a free Georgia driver’s license and pay nothing for tags for my 2 vehicles. They appreciate veterans and retirees.
Move to Georgia and you will be welcomed here.
As a man self exiled from the great state of Georgia, it will turn blue faster then TN. I was out there last August and the insane influx of people around metro Atlanta, compared to 10 years ago, was insane. ATL is a big business hub, and like Austin, the klan migrants will seep out into the rest of the state. GA is a more likely place for the invaders from South America to end up as well, compared to TN. Thats the opinion of a man who has been watching, but not been directly invovled, with GA’s affairs for 10 years.
Tennessee. Illinoisans are flocking there in droves. About a third of our losses have headed there, with the rest fleeing to the rest of the southeast or southwest. My husband and I are likely heading due west.
We retired in east TN. When we came in 2010, investment income was taxed. It still is, but the percentage decreases each year. I think our tax guy said it would reach 0% in a couple more years.
Sales tax is high, but we’re not big spenders so it isn’t an issue for us.
We considered Georgia because they have Kaiser Healthcare which we had in CA, and we loved it. Hubby got hired here in TN, though, so our choice was made for us.
We like the Bible Belt vibes here. We visit family in GA, north of Atlanta, and it’s very beautiful but congested. House prices seem to be about the same.
We are trying to be close to children and grandchildren in the East Ridge area of Chattanooga, so Ringgold, GA is good. We plan to help with homeschooling and such, otherwise, Alabama would be a real consideration.
We have a farm in Dade County (northwest corner of Georgia). It is very conservative and Christian and has a very low property tax rate for seniors. We have a friend who says he can pay his property tax from what he has in his wallet (less than $100). We are not seniors yet, and would have to survey and separate our house acreage from the farm to get under the 5 acre threshold.
Tennessee doesn’t have income tax on earned income but does tax investment income from what I’ve been told. Land is very inexpensive where we are located and it’s beautiful.
Bkmk
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