Seniors and Active Adults looking to buy a home in Metro Atlanta, particularly those relocating from out of state, may not be aware of two large tax breaks available for residents. The first tax break is for all residents upon reaching age 62; at this age, you pay no taxes on the first $35,000 in retirement income each year ($70,000 for married couples). Additionally, a new law has been passed that will phase out all state income taxes for seniors beginning in 2012- the full exemption will be reached by 2016. This tax break alone can save thousands a year for most seniors.
The second tax break is for homeowners with their primary residence in Georgia and varies by county. Several counties in our marketing area allow exemptions on the school tax portion of your property tax bill. Generally, these savings amount to $1000 or even more each year on your property taxes, depending on the value of your home. For example, in Cherokee County, the school tax exemption is available beginning once you turn 62 and exempts you of school taxes 
on the value of your home up to $358,475 of market value; in other words, you pay no school tax on homes below this amount, those valued over this amount would pay school taxes on the additional value only. Cherokee County also has additional tax breaks available based upon your income. In Cobb County, you are exempt fromall school taxes after turning 62- again, other exemptions may also apply. There are no income or home value restrictions to obtain the school tax exemption in Cobb County. Forsyth County has an income based school exemption at 62 and a full school tax exemption at 65- there are other income based exemptions on your entire bill at 65. Fulton County has a variety of exemptions available based on age, income and where you live in the county; the exemptions begin at age 62 with additional exemptions at 65 and 70 in some areas of the county.
Most other Metro Atlanta counties also have exemptions; generally if you are older, disabled, a veteran or have a limited income, it’s a good idea to research whether you are eligible now or will be eligible for exemptions in the future. A little research could save you thousands of dollars!
According to the Cherokee Tribune, a ribbon-cutting ceremony was held Friday to celebrate the opening of the Wieland Sales Center. Townhome pricing will begin at $189,900 and single-family homes will start at $279,900 and construction should begin in about two weeks, according to Jacquie Tracy, a Wieland sales rep.
