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| NORTH CAROLINA INFORMATION |
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Tax Summary
- South Carolina's state income tax has six tax brackets between 2.5% and 7% depending upon how much you earn.
- Single taxpayers may claim an individual exemption of $3,000, married couples $6,000. There is a $3,000 exemption for each dependent child.
- There is a statutory provision for automatic adjustment of personal exemptions to match the rate of inflation.
- Sales tax in South Carolina is 5%, plus any county sales taxes of up to 1%.
- South Carolina residents 85 or older get an exemption from 1% of the state sales tax if they show a valid photo I.D.
- Property taxes are assessed and collected by local municipalities.
- There is a homestead exemption for those over 65, the blind or disabled of up to $20,000.
- Property taxes are levied as follows:
- 4% of the fair market value of primary residences
- 4% of the use value of private agricultural land
- 10.5% of income tax depreciated value of personal property
- There is an excise tax on property transfers of boats, planes, automobiles, and motorcycles of 5% up to $300.
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