|
The 2006 issue of Carolina Living magazine continues to rate South Carolina as one of the most affordable and best states in which to live or retire. Despite the focus this year on property taxes, South Carolina still has some of the lowest taxes in the nation for retirees.
In a cost of living comparison, South Carolina real estate market prices are consistently ranked 3% to 10% below the national average. Only in Hilton Head do prices exceed the national average by 3.6%.
As for property taxes (which are soon to be radically changed under new state laws), a $200,000 home is taxed as follows:
- $1,275 - Camden (lowest in SC)
- $3,032 - Newberry (highest in SC)
- $2,000 - SC average
- $1,518 - South Carolina
- $2,434 - Georgia
- $3,330 - North Carolina
Another advantage for SC retirees is that their social security income is not taxable under state law. Social security income is taxable under federal law in the other 49 states.
Communities like ours have become hot spots for retirees, particularly the half-backs ("half-way" back to the Northeast after moving to Florida) and horse lovers who are tired of the Florida hurricanes.
South Carolina has - LOWER TAXES and HIGHER QUALITY OF LIFE. The retiree market (presently dominated by the baby-boomers) is a growing niche market that is not impacted by the ups and downs of the stock market, interest rates, or the overall housing market. Retirees have a positive impact on all markets and the SC economy in general. "Sieze the Day"
|
