Why South Carolina?
Low Cost of Living
Property Taxes
Property taxes in South Carolina are some of the lowest in the country. SC offers a Homestead exemption on the first $50,000 of value on your legal residence for those 65 or older.
Real Estate Taxes for a resident with a Homestead Credit on a $250,000 assessed home is a VERY LOW $1,477 or just 0.59%.
Transportation
SC’s gasoline tax is 16 cents per gallon, one of the lowest in the nation. Sales tax capped at $300 for in-state motor vehicle purchases and $150 for cars coming from out-of-state. Vehicles are taxed at 6% annually.
$15 auto-title fee and $20-24 registration every 2 years.
Sales tax
With a 6% sales tax, South Carolina ranks as one of the best in the country for most tax-friendly local taxes.
Income tax
SC has 6 income brackets ranging from 0% to 7%.
Social security income & benefits are NOT taxed.
Retired military 65 and older receive tax exemptions on the first $30,000 of military retirement pay, and those under 65 are exempted on the first $17,500. There is no inheritance tax.
Unique to SC is a 44% exclusion or subtraction from capital gains, reducing state tax on capital gains from 7% to 3.92%.
Join a Discovery Tour
with a Stay & Play Package
Now is the perfect time to visit Savannah Lakes Village! You will enjoy:
- A private real estate tour of the community
- Up to three nights at The Townhomes at Coastal Cove
- Two complimentary rounds of golf with cart
- Use of the 23,000 sq. ft. recreation center