South Carolina levies taxes on the net income of individuals, trusts and estates for both residents and non-residents who earn income in SC. Residents are allowed to claim a credit for taxes paid in other states.
The state income tax is calculated according to state income tax brackets designated by the legislature using the federal taxable income. They generally range from 2.5% to 7 %.
For more information visit the SC Department of Revenue.
There is no state property tax, so all property taxes in South Carolina are levied by local governments, implemented at the county level and shared with the municipalities.
Property taxes are generally calculated by the County Assessor's Office using the assessed value, and applying a base rate, combined millage rates (county plus municipal) and taking into account local tax credits and/or fees.
View the tax calculations for each county:
Charleston County levies a 6% tax on sales of prepared foods, personal effects and general merchandise. Berkeley and Dorchester counties have a 5% tax rate.
The $8,000 Tax Credit (v3)
The Federal Government approved the extension of the $8,000 Tax Credit for home buyers who have not owned a primary home in the last three years, and included a $6,500 Tax Credit for repeat buyers who have owned their current home for longer than 5 years. Click here for more information...