(843) 345-6074

Taxes (Income, State & County)

General Tax Guide for New Residents by SC Department of Revenue:

http://www.sctax.org/NR/rdonlyres/F2D93705-474A-4ECB-8577-BE4D7B513946/0/MovingtoSouthCarolina.pdf

http://www.sctax.org/

Individual Income Taxes:  http://www.sctax.org/default.htm 

County taxes are dependent upon if the property will be used as your primary residence or a second home/vacation home.  You are taxed accordingly.  Thus if the property will be your primary residence you will be taxed at 4% of the assessed value times the millage rate (which is set by local elected officials) in addition you will receive additional deductions such as the homestead tax exemption which lower the 4% assessed value dramatically.  If you will be using the property as a second home/vacation home, you will be taxed at 6% of the assessed value of the property and don’t receive the homestead exemption and other tax credits.  I highly recommend you check out the following Property Tax Card example and in addition, call the Charleston County’s Assessors office prior to purchasing a property as tax laws are constantly changing.  Information is king!  And, I strongly encourage you to get a written estimate from the tax assessor prior to closing:  843-958-4100.

(Millage Rate*    x     Assessment Ratio **    x     Value***) – Tax Credits****

*set by local elected officials

**4% primary home; 6% rental, commercial, land, second home

***set by assessor and can be raised to the current sales price  (point of sale assessment)

****set by elected officials

Charleston’s County Property Tax Card Example (Isle of Palms resides in Charleston County):  taxweb.charlestoncounty.org

Homestead Tax Exemption for Charleston County: http://taxweb.charlestoncounty.org/Docs/Tax/Auditor/faqs.html

If you are a retiree or will be retiring in the near future, please visit South Carolina Department of Revenue’s website that outlines frequently asked questions about individual income tax…. http://www.sctax.org/Tax+Information/Individual+Income+Tax/IIT_FAQs.htm#Retirees

Also, I have created a website devoted to retiring in the Charleston area.  I have a section that covers taxes and benefits available to retirees in South Carolina:

http://www.charlestonretirement.net

Social Security Retirement Planner:  http://www.ssa.gov/retire2/near.htm

 
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