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Savannah Lakes Village

Why South Carolina

by | May 29, 2020 | News

Why South Carolina?

The best value to create the life you've been planning

Taxes & 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%.

A Tax Guide for New Residents

Our Top 10 Reasons to Move to South Carolina:

RELAXATION: Slower pace of life

SUNSHINE: 7-8 months of warm weather

AFFORDABILITY: More bang for your buck

FRIENDLY: Southern hospitality at its finest

 

NATURE: Natural beauty in our abundance of parks, lakes, & waterways

LOCATION: Ideal proximity to beaches, mountains, and metropolitan cities

CUISINE: Low-country boils, barbecue, and farm-to-table southern fare

HISTORY GALORE: Architecture, landmarks, battlegrounds, museums

ARTS & CULTURE: Concerts and music festivals, exhibitions, galleries

FUN: College football rivalries, horse racing, and Darlington Raceway

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Obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value, if any, of this property. This is not an offering of property in jurisdictions that have prior registration requirements in order to offer property and we will not knowingly disseminate information into such jurisdictions unless we have met such requirements.

New York Residents: This advertisement is not an offering. It is a solicitation of interest in the advertised property. No offering of the advertised property can be made and no deposits can be accepted, or reservations, binding or non-binding, can be made until an offering plan is filed with the New York State Department of Law.

This advertisement is made pursuant to Cooperative Policy Statement #1, issued by the New York State Department of Law. (CP18-0152). Savannah Lakes Village Real Estate Sales & Development is located at 101 Village Drive, McCormick South Carolina 29835.

Any renderings are artists’ renderings only and not representative of the actual facility. © Savannah Lakes Village Real Estate. The features and amenities described and depicted herein are based upon current development plans, which are subject to change without notice.