What Is the Georgia Net Worth Tax
Georgia imposes a net worth tax on certain high-value individuals and trusts. It is based on the total value of taxable property located in the state, minus allowed exemptions and deductions.
2016 Georgia Net Worth Tax Table and Rates
In 2016, Georgia applied graduated rates to net worth above the exemption threshold. The tax is calculated on the amount over the exempt level, with higher brackets for larger estates. For the exact brackets and exemptions, see the official Georgia Department of Revenue guidance.
Residents and nonresidents with Georgia-sourced property may be subject to the tax. Planning for this liability requires accurate valuation of assets and careful attention to filing deadlines.
Key Exemptions and Filing Requirements
Certain property is exempt from the net worth tax, including primary residences up to a specified value and qualified business assets. Filers must submit a detailed schedule of assets and claim eligible exemptions.
Professional tax advice is recommended to ensure correct reporting and to explore any available deductions or credits.
Georgia Department of Revenue
