Calculating net worth tax in Georgia entails determining the value of an individual’s total assets minus liabilities. For instance, if a person owns a house worth $200,000, a car worth $20,000, and has $10,000 in savings, but owes $50,000 on their mortgage, their net worth would be $180,000.
Net worth tax calculations are crucial for financial planning and tax purposes. Understanding how to calculate this metric empowers individuals to make informed decisions about managing their wealth. Historically, Georgia implemented a net worth tax to supplement its revenue sources.