Another Reason To Buy In Charleston, SC
Seabrook Island…Kiawah…Isle Of Palms…Mount Pleasant…Sullivan’s Island…Daniel Island…these are some of the most highly coveted beachfront properties in the Charleston Lowcountry. The soothing tides, white-sand beaches, and gentle trade winds woo homeowners and vacationers alike. These idyllic beachfront settings offer premier lifestyle options that are truly unique along the eastern seaboard. What’s more, Charleston beachfront homes tend to be recession-resistant, holding their value in spite of shifting economic factors or rising interest rates that negatively impact much of the country.
All things considered, the Lowcountry is not only a great place to live, but also a sound investment. In fact, one of the biggest advantages of buying in South Carolina is the wealth of tax incentives available for homeowners—incentives that every potential homebuyer should be aware of.
It Actually Pays To Live In South Carolina
Fact: the cost of living in the state of South Carolina is well below the national average: it’s nearly 5% lower overall and housing is roughly 15% lower. Even more significant, South Carolina is among the Top 10 lowest taxed states in the nation, which equates to lower real estate taxes, a lower sales tax, and lower personal income taxes. And that’s just for starters. Here are a few more tax advantages to consider—especially retirees and individuals 65 and above.
Social Security is not taxable:
Your retirement income stretches farther
Claim up to $10k in retirement income deductions:
Those over 65 may deduct up to $10,000 in retirement income
Deduct up to $15k from state income tax:
Those over 65 can claim up to $15,000 in deductions—on top of the $10,000 in income deduction
No Need To Fear Property Taxes In SC
South Carolina has one of the lowest property tax rates in the country. The average in South Carolina is only 0.57%, well below the national average of 0.99%. Part of the reason SC has such low property tax rates is because owner-occupied homes are assessed at a lower rate of just 4% (compared to other types of properties). For homeowners, this is a huge plus, especially for individuals who are 65 and older and are no longer required to file state income taxes. What’s more, anyone who is 65 or older and has been a legal resident of South Carolina for one preceding tax year qualifies for a property tax exemption known as the Homestead Tax Exemption.
What Is The Homestead Exemption Act?
A complete exemption of taxes on the first $50,000
in Fair Market Value of your Legal Residence for homeowners
who are 65 or older, totally and permanently disabled, or legally blind.
Did You Know?
South Carolina is one of the few states that allows the scale and purchase of certain tax credits between taxpayers. There are established exchanges that enable taxpayers to buy these credits at a discount. I am happy to help direct you to the proper resources to learn more.
One Last Thing
South Carolina has no estate or inheritance tax, however, your estate will need to be probated if it exceeds $10,000 in probate assets. There is planning that can be done to minimize or even eliminate probate. Again, I am happy to advise my clients by connecting them with the proper channels and resources.
How Can I Help You?
If you have questions or simply want to know more about selling your current property or buying/building a new Lowcountry home, please contact me at your convenience. I look forward to helping you realize your real estate dreams on Seabrook Island and in the Greater Charleston area.