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Charleston
Basics 
Taxes |
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South
Carolina has a "progressive" personal
income tax which, as with all things "progressive",
taxes higher wage earners at a higher rate. The
rates graduate from 2% to 7% on taxable income. |
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You recieve
only one property tax bill in South Carolina per
piece of personal property owned. The city, county,
and municipality taxes are rolled into one bill
(this includes school funding); there is no personal
property tax levied at the state level. The personal
property tax is levied yearly on cars, trucks, boats,
ATV's, other vehicles and watercraft, and airplanes,
based on their fair market value. On the average,
if you own a car with a blue book value of $20,000,
your personal property tax would be $536.00. Of
course, this would vary with the actual millage
rate in the municipality in which you reside. |
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As is the
case in most states, counties, cities and school
districts are impose value based taxes on real estate.
The local city and/or county government assesses
and collectsthis property tax under the direction
of the Department of Revenue. An owner-occupied
residence is assessed at 4 percent its value, while
a non-owner occupied residences and vacant land
are assessed at 6 percent. The millage rate of the
local government is then multiplied by the assessed
value to calculate the final tax bill. |
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You can calculate your tax liability with this
formula: (Assessed value X millage rate) / 1000.
For example, assume that your home is valued at
$238,000 (the Charleston average) and the millage
rate is .2444. Your tax bill is calculated as
follows:
$238,000 house X 4% = $9,520
$9,520 X .2444 / 1000 = $2326.69
There are applicable rebates and exemptions on
most owner occupied homes that would reduce this
example average tax bill to approximately $2,000
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As a simple
rule of thumb, the average tax rate on homes in
Charleston is approximately ½ of 1% of market value. |
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If you sell your primary residence and it has
been your primary residencxe for at least two
of the last five years, you will owe no capital
gains tax on the sale.
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If you have lived in your home for at least one
year and you are 65 or older, you are eligible
for a homestead exemption on your property tax
bill.
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There are tuition tax credits for children attending
South Carolina public and private colleges.
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For more on
deductions, tax relief and tax credits you may contact
the Department of Revenue in Charleston at (843)
852-3600, or visit their website at www.dor.state.sc.us.
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Sales Taxes |
| Berkeley
County |
5% |
| Charleston
County |
6.5% |
| Dorchester
County |
5% |
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| Motor
Fuel Tax |
| 17.5
cents per gallon |
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| Contact
the South Carolina Tax Commission
at (843) 852-3600 for more information. |
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