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It's hard to believe, but taxes here continue to be low
compared to many areas of the country!
South Carolina State Income Tax:
The South Carolina State Income Tax system is somewhat similar to the Federal system in that you are allowed certain deductions from your total income and are taxed on the remainder.
Here are the #'s for the State tax rate on personal income: 2% on the first $2,000. 5% on the next $2,000. 3% on the next $2,000. 6% on the next $2,000. 4% on the next $2,000. 7% on everything over $10,000.
Personal Property Tax:
South Carolina does not have an intangible personal property tax on bank accounts, stocks, etc. However, there is a tangible personal property tax on automobiles, airplanes, and boats. The tax is the same for real estate and depends on which district you live in.
Hilton Head Island is divided into six districts.
A county tax map will not show the exact district lines, however, this map will give you an idea of the rates and locations.
For example: a $10,000 boat times 10.5% gives an assessed value of $1,050, times millage of 193.1 means a tax of $202.75 on the boat. (.1931 x 1,050).
Real Estate Tax:
The County tax assessor places an appraised value on your real estate (based on comparable sales, condition of the property, etc.). This appraised value is then multiplied by 4% for residents, or 6% for non-residents and corporations, to obtain what is known as the assessed value. The assessed value is then multiplied times the millage rate for your district (see tax district map). For example, a $100,000 home times 4% (for residents) gives an assessed value of $4,000. $4,000 times a millage rate of 196.4 means a tax of $785.60. If you are over 65, chances are you can deduct $20,000 from the appraised value before you multiply by 4% and the millage rate. If you have any questions call the tax assessor office at 785-6100. |
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