Taxes simplified.

Unsure about Charleston taxes? These are good resources for calculating cost of living and SC tax information


This is Charleston county’s tax estimator (there is also one for Berkeley and Dorchester County):

https://www.charlestoncounty.org/departments/auditor/tax-estimator.php

The following class specific percentages are used to determine the assessed value of the property for purposes of taxation: Primary Residences: 4.0% of fair market value Other real estate (such as second homes, investment property etc): 6.0% of fair market value

(we have some tips on this so always consult your Realtor when purchasing a home!)

This is a cost of living calculator to compare cost of living in different cities, it is meant be more of a guide.  I am not sure it is 100% accurate but it is a helpful tool:

https://www.bankrate.com/calculators/savings/moving-cost-of-living-calculator.aspx



Income tax:

South Carolina income tax rate is 7%. South Carolina accepts the adjustments, exemptions and deductions allowed on your federal tax return with few modifications. Your federal taxable income is the starting point in determining your state income tax liability. Individual income tax rates range from 0% to a top rate of 7% on taxable income.

Capital gains tax is 3.92%


Sales Tax:

This is the link to the sales tax rates for all SC municipalities:

https://dor.sc.gov/tax-index/sales-and-use/Sales%20Notices/ST427.pdf


Island House Real Estate is a resource for you. We can recommend professionals to help answer any questions, including tax concerns!


Call with questions!

Knowledge is Power,

Tricia




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