South Carolina

Sales Tax

  • Statewide: 6.0%
  • Counties can levy an additional sales tax of no more than 3.0%
  • Current average sales tax (with local taxes included): 7.662%
  • Common Exceptions at State Level:
    • Prescription: Exempt
    • Unprepared Foods: Exempt
    • Prepared Foods: 11%
  • Gasoline Tax: 45.15 cents/gallon (Includes all state, local, and federal taxes)
  • Diesel Fuel Tax: 51.15 cents/gallon (Includes all state, local, and federal taxes)

 

Personal Income Tax

  • Personal Income Tax Rate Range: Six brackets from 0% to 7.0% (on income greater than $16,040)
  • Standard Deduction: $12,950. Married Filing Jointly: $25,900. Dependent: $4,300
  • Personal Exemption Allowance: N/A
  • Itemized Deductions Allowed?: Yes, subject to limitations
  • Retirement Income
    • Social Security: Exempt
    • IRAs: Taxable at ordinary income tax rates*
    • 401Ks/Defined contribution employer retirement plans: Taxable at ordinary income rates*
    • Private pensions: Taxable at ordinary income rates*
    • Public Pensions: Taxable at ordinary income rates*
  • Military Pay
    • Active Duty Pay: Taxable to the extent included in federal Adjusted Gross Income, except a portion of South Carolina National Guard and reservist pay may be exempt.
    • Military Retirement Pay: H. 3247, signed into law May 13, exempts all military retirement income from South Carolina taxes beginning with the 2022 tax year. Previous law made $17,500 exempt if under 65; $30,000 is exempt if 65 and over. 
    • Military Disability Pay: Exempt
    • VA Dependency & Indemnity Compensation Benefits: Exempt
    • SBP/SSBP/RCSBP/RSFPP: Exempt
Income tax comments: *$3,000 of retirement income is tax-exempt if under 65; $10,000 is exempt if 65 and over. May qualify for additional exemption for a total of up to $15,000.

 

Property Tax

  • Local municipalities average 0.57% of the property's assessed value
  • Calculation of assessed value: 4% of fair market value
  • Relief programs for:
    • Owner-occupied: Reappraisal every five years; cannot increase more than 15%.
    • 65 and over or Disabled: $50,000 reduction of assessed value available
    • Disabled Veterans/Former Law Enforcement Officer/Former Firefighter/Surviving Spouse (not remarried): Full tax exemption is available depending on service-connected disability (up to 5 acres).
    • Medal of Honor recipient or POW/Surviving Spouse (not remarried): Full tax exemption is available (up to 1 acre).
  • Personal Property Tax: Yes. Rates and exemptions vary.

 

Inheritance & Estate Taxes: None

 

Department of Revenue website: www.dor.sc.gov

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