Counties can levy an additional sales tax of no more than 3.0%
Current average sales tax (with local taxes included): 7.69%
Common Exceptions at State Level:
Prescription: Exempt
Unprepared Foods: Exempt
Prepared Foods: 11%
State Vehicle Tax: 5%
Gasoline Tax: 44.15 cents/gallon (Includes all state, local, and federal taxes)
Diesel Fuel Tax: 53.15 cents/gallon (Includes all state, local, and federal taxes)
Personal Income Tax
Personal Income Tax Rate Range: 0% on income up to $3,460; 3% on income between $3,461 and $17,330; 6.3% on income over $17,330
Standard Deduction: $14,600. Dependent: $4,610
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: Exempt
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 0.53% 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 Spouses: Full tax exemption is available depending on service-connected disability (up to 5 acres).
Medal of Honor recipient or POW/Surviving Spouse: Full tax exemption is available (up to 1 acre).
Personal Property Tax: Yes. Rates and exemptions vary.
Premium and Life members can consult our financial staff for education and consumer advice.
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