In South Carolina, we have an income system that is progressive. Its top marginal tax rate is the 13th-highest in the nation, at 7%. But if you’re a South Carolina resident who makes between $0 and $2,910 in annual income, you will pay a state income tax rate of 0%. From there, the tax rate jumps to 3%, with brackets for 4%, 5% and 6% before that top bracket starts at $14,550.
The good news is that South Carolina has low property taxes. In fact, the state’s average effective property tax rate is the seventh-lowest in the country. For those of you moving from up north, you will find this very appealing! There’s more good news for anyone planning to retire in South Carolina, the state does not tax Social Security retirement benefits. Plus, there’s a $15,000 deduction for seniors receiving any other type of retirement income. South Carolina may not have the cheapest taxes in general, but if you’re talking property taxes you have came to the right place.
Written by: Robert Judy