| 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. |
