Governor Perdue Signs Senior Property Tax Exemption

Governor Perdue Signs Senior Property Tax Exemption

ATLANTA – Governor Sonny Perdue today visited the Dorothy Benson Senior Activity Center in Fulton County to sign HB848, legislation providing a property tax exemption for Georgians 65 years of age or older.

“Georgia’s senior community has given so much to our state and made many sacrifices for their children and grandchildren over the years,” said Governor Sonny Perdue. “This tax exemption is another way to say ‘thank you’ to a generation that helped build our great state and nation.”

HB848 exempts senior citizens from the state portion of the property tax (.25 mill). The estimated revenue impact is $6.8 million in FY08 and $7.3 million in FY09. The tax exemption will appear on the November 7, 2006 ballot. If approved by the voters, it will be effective January 1, 2007.

Representative Mark Butler sponsored the legislation and it was carried in the State Senate by Senator Casey Cagle.

Governor Perdue has also funded a tax cut for senior citizens through a retirement income exclusion, allowing seniors to deduct up to $35,000 from retirement income for tax filing purposes. Starting this year, the senior retirement tax cut is expected to save Georgia senior citizens between $64 million and $127 million per year, phased in over a three-year period.

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