How to you move from Canada to the U.S. but it is virtually impossible for Americans to move to Canada. Looks like we need to look at reciprocal immigration laws. Now, if you are a snowbird, have fun.
4% is the ASSESSMENT RATE for primary residences. Market value multiplied by the assessment rate gives the ASSESSED VALUE. Millage is applied to the assessed value. So your property tax isn't really 4% on market value but much less. I think you should have clarified that.
Welcome to the area & thank you for your contribution to the community! I would refer to the tax tables for any high level info. If you need a contact for an accountant shoot me an email williamtaylor@thereserveteam.com
Taxes in SC are a funny thing; they're not as straightforward as most northeastern states. A lot depends on which county, and even which city, you reside in. First of all, the state sales tax is 8%, pretty much on par with a lot of northeastern states. But clothing, medicine and food are NOT exempt from this tax. So if spend about $30,000 during the course of a year, you may pay 1 to 2 thousand a year more in sales taxes. Now, every county and town adds more to the sales tax. For example, in Myrtle Beach, Horry County adds an extra 2.5% to the sales tax. And if you eat at a restaurant in North Myrtle Beach, you'll pay a total of a whopping 11.5% sales tax! Contrast that to just across the state line in North Carolina, where it's only 6.75%! Yearly car tax will cost you about $250 to $500 depending on where you live, for a $30,000 car. Boats, etc., are also taxed yearly. Now the good news: property taxes are much lower. I own my own home in Myrtle Beach, and I qualify for the senior discounts. I pay less than $1500 per year for a $450,000 home (new construction). With rental properties you will pay more. But it sure beats the $9000 in property taxes I was paying in NJ for a house valued at the same amount! So check out the rates WHERE you want to move to, before making a decision.
These are all great notes & you are correct for clothing etc. It's important to note the difference in area. The state sales tax is 6%, different counties can add an additional percentage on top of this. We're a bit more south than you, the closest counties here are Jasper Co (6% + 3%) and Beaufort County, which doesn't add anything on top of the state 6%.
Hi Chris, here is a link to the state and local tax rate on unprepared foods & the SC Law for prescription drugs. dor.sc.gov/tax-index/sales-and-use/Sales%20Notices/ST594.pdf dor.sc.gov/resources-site/lawandpolicy/Advisory%20Opinions/RR11-3.pdf
Just keep in mind that South Carolina along with most southern states are regressive tax states and in general regressive. If you are a woman, good luck if you need an abortion.
@@ignatiusl.7478 The link to the Beaufort County Tax Calculator will show a breakdown of how it's calculated. 6% of $30,000 is your assessment value ($1,800) and then your tax is determined off that. Comes out to about $~516 on the website. Stay tuned - I'll have a video coming tomorrow that gives the actual value of what it cost to register & title my car in SC.
You are correct, there is a homestead tax credit. More information on that credit can be found on the SC Department of Revenue website linked in the description of the video.
..one financial consideration of relocating to SC, from NY, ( I currently have a vacation home near Aiken), is if you’re interested in moving towards green energy… Aiken has a Co-opt for electrical energy, and the residential cost is currently $.11 per kilowatt hr. for electricity Columbia area is closer to $.15/kilowatt hr… Aiken electric coop, is a relatively small coop, and thus cannot store any excess energy from a home owners solar… monthly, they zero out your bill… in NY, I can Bank any excess solar energy, for my entire life, that’s a big deal, with current green energy incentives in America… (energy in NY, for a resident of central NY, is currently, $.07/kilowatt hr)
What would you expect? He is a New Yorker. We should build a wall and force New Yorkers to stay there for their entire lives. They created a cesspool, now live in it. I have noticed, New Yorkers are going everywhere in the USA and foreign countries. They bring their stink with them. They get into local government and pass their far left wing legislation. The taxes follow, they get all the government jobs with COLA pensions. Like coach roaches, fumigate, keep them out. New Yorkers stink!
State income tax? Uhhh, NOPE! Native of Florida, lived in Charleston over a decade (military) no state income tax or car taxes. Retired and moved way west. No state income tax! We let the suckers who come here to gamble pay our income taxes - thank you very much!
@@thereserveteamsc The Soldiers & Sailor's Relief Act of 1941 exempts active duty military members from state income tax and vehicle property taxes. Some states they have to pay only the yearly registration fee which is minor in order to obtain the local license plate. Mainly they do as I did and retained my Florida plates for most of met career. What is not exempt are residential property taxes for own homes. This applies only for those military members stationed in states that are different from their "home of record", i.e. most likely their parents home address in many cases. If you are stationed in the state of record, then you pay the requisite taxes as any other state resident. As a retired military member. I view "Thank you for your service" as an insult. In other words what the person is stating "Better you than me - Sucker". That is the vibe I always get.
The thing you need to know is that the irc(internal revenue code) says clearly taxes are voluntary..... it's true look it up for yourself and stop being sheep paying taxes cause everybody else does taxes on income are classified as tax class 5 but are actually collected under tax class 2 please look it up
@@economicdevelopmentplannin8715 If you are stationed in an income tax state but are not a resident, the soldier's & sailor's relief act exempts you from paying state in come tax and auto registration taxes. Now, if you are from a state that has an income tax, you obviously still have to pay that, actually it is deducted automatically from your pay. Residential property taxes on the other hand you have to pay regardless.
Hi Chris, here is a link to the state and local tax rate on unprepared foods & the SC Law for prescription drugs. dor.sc.gov/tax-index/sales-and-use/Sales%20Notices/ST594.pdf dor.sc.gov/resources-site/lawandpolicy/Advisory%20Opinions/RR11-3.pdf
Great info, my family and I are moving to SC this coming summer from Canada. I'm getting as much info as possible lol.
Good luck! Shoot me an email if you have any specific questions. williamtaylor@thereserveteam.com
How to you move from Canada to the U.S. but it is virtually impossible for Americans to move to Canada. Looks like we need to look at reciprocal immigration laws. Now, if you are a snowbird, have fun.
Very clear and well done .Thank You.
Thank you for watching! Appreciate your feedback.
4% is the ASSESSMENT RATE for primary residences. Market value multiplied by the assessment rate gives the ASSESSED VALUE. Millage is applied to the assessed value. So your property tax isn't really 4% on market value but much less. I think you should have clarified that.
what about taxes on your retirement and 401k? i read sc takes a partial tax on it but they don't say how much.
Thank you so much.
Thank you for watching!
Thanks for this.
Thank you for watching!
I am trying to figure out the vehicle tax on a camper van. Would that be 4%? Is the calculation different for an RV?
From my understanding that’s a vehicle and would be 6%. However, my experience is in real estate. I’d call the applicable county treasurer to confirm.
Hi! I will be a teacher at Beaufort County District my salary will be 37000 per year (3000 a month) so how much in taxes should I pay?
Welcome to the area & thank you for your contribution to the community!
I would refer to the tax tables for any high level info. If you need a contact for an accountant shoot me an email
williamtaylor@thereserveteam.com
Im interested in preconstruction deals for flipping. Can you assist me?
Please reach out to our team directly info@thereserveteam.com
How much are the taxes for groceries in Columbia?
I’m not sure! There are actually two counties that the city has, Lexington and Richmond. I’d check on their websites.
@@thereserveteamsc Thank I found it! Those greedy ****** 2% local tax
Taxes in SC are a funny thing; they're not as straightforward as most northeastern states. A lot depends on which county, and even which city, you reside in.
First of all, the state sales tax is 8%, pretty much on par with a lot of northeastern states. But clothing, medicine and food are NOT exempt from this tax. So if spend about $30,000 during the course of a year, you may pay 1 to 2 thousand a year more in sales taxes.
Now, every county and town adds more to the sales tax. For example, in Myrtle Beach, Horry County adds an extra 2.5% to the sales tax. And if you eat at a restaurant in North Myrtle Beach, you'll pay a total of a whopping 11.5% sales tax! Contrast that to just across the state line in North Carolina, where it's only 6.75%!
Yearly car tax will cost you about $250 to $500 depending on where you live, for a $30,000 car. Boats, etc., are also taxed yearly.
Now the good news: property taxes are much lower. I own my own home in Myrtle Beach, and I qualify for the senior discounts. I pay less than $1500 per year for a $450,000 home (new construction). With rental properties you will pay more. But it sure beats the $9000 in property taxes I was paying in NJ for a house valued at the same amount!
So check out the rates WHERE you want to move to, before making a decision.
These are all great notes & you are correct for clothing etc. It's important to note the difference in area. The state sales tax is 6%, different counties can add an additional percentage on top of this. We're a bit more south than you, the closest counties here are Jasper Co (6% + 3%) and Beaufort County, which doesn't add anything on top of the state 6%.
Are food and prescription drugs taxed?
Hi Chris, here is a link to the state and local tax rate on unprepared foods & the SC Law for prescription drugs. dor.sc.gov/tax-index/sales-and-use/Sales%20Notices/ST594.pdf
dor.sc.gov/resources-site/lawandpolicy/Advisory%20Opinions/RR11-3.pdf
Just keep in mind that South Carolina along with most southern states are regressive tax states and in general regressive. If you are a woman, good luck if you need an abortion.
6% of $30,000 is $1800. How did you calculate your tax?
I didn't factor millage.
@@ignatiusl.7478 The link to the Beaufort County Tax Calculator will show a breakdown of how it's calculated. 6% of $30,000 is your assessment value ($1,800) and then your tax is determined off that. Comes out to about $~516 on the website. Stay tuned - I'll have a video coming tomorrow that gives the actual value of what it cost to register & title my car in SC.
There is a homested tax credit you missed for thoes age 66.
You are correct, there is a homestead tax credit. More information on that credit can be found on the SC Department of Revenue website linked in the description of the video.
It’s 65
Is that below a certain income threshold? Or for everyone?
..one financial consideration of relocating to SC, from NY, ( I currently have a vacation home near Aiken), is if you’re interested in moving towards green energy… Aiken has a Co-opt for electrical energy, and the residential cost is currently $.11 per kilowatt hr. for electricity
Columbia area is closer to $.15/kilowatt hr… Aiken electric coop, is a relatively small coop, and thus cannot store any excess energy from a home owners solar… monthly, they zero out your bill… in NY, I can Bank any excess solar energy, for my entire life, that’s a big deal, with current green energy incentives in America… (energy in NY, for a resident of central NY, is currently, $.07/kilowatt hr)
What would you expect? He is a New Yorker. We should build a wall and force New Yorkers to stay there for their entire lives. They created a cesspool, now live in it. I have noticed, New Yorkers are going everywhere in the USA and foreign countries. They bring their stink with them. They get into local government and pass their far left wing legislation. The taxes follow, they get all the government jobs with COLA pensions. Like coach roaches, fumigate, keep them out. New Yorkers stink!
NO TAX ON MOST GROCERIES AND NO TAX ON CLOTHING UNDER $110.00 WITHIN NEW YORK CITY
If there is one thing New York is known for - its for low taxes haha
State income tax? Uhhh, NOPE! Native of Florida, lived in Charleston over a decade (military) no state income tax or car taxes. Retired and moved way west. No state income tax! We let the suckers who come here to gamble pay our income taxes - thank you very much!
Any service member deserves their tax breaks! Thank you for your service!
@@thereserveteamsc The Soldiers & Sailor's Relief Act of 1941 exempts active duty military members from state income tax and vehicle property taxes. Some states they have to pay only the yearly registration fee which is minor in order to obtain the local license plate. Mainly they do as I did and retained my Florida plates for most of met career. What is not exempt are residential property taxes for own homes. This applies only for those military members stationed in states that are different from their "home of record", i.e. most likely their parents home address in many cases. If you are stationed in the state of record, then you pay the requisite taxes as any other state resident. As a retired military member. I view "Thank you for your service" as an insult. In other words what the person is stating "Better you than me - Sucker". That is the vibe I always get.
The thing you need to know is that the irc(internal revenue code) says clearly taxes are voluntary..... it's true look it up for yourself and stop being sheep paying taxes cause everybody else does taxes on income are classified as tax class 5 but are actually collected under tax class 2 please look it up
Good luck explaining that to the IRS when they audit you.
@@Michael-uf1hz they already tried
Property taxes may be waived in some States for military veterans
Sure bud, don't pay taxes and see what happens. Good luck.
@@economicdevelopmentplannin8715 If you are stationed in an income tax state but are not a resident, the soldier's & sailor's relief act exempts you from paying state in come tax and auto registration taxes. Now, if you are from a state that has an income tax, you obviously still have to pay that, actually it is deducted automatically from your pay. Residential property taxes on the other hand you have to pay regardless.
Are food and prescription drugs taxed?
Hi Chris, here is a link to the state and local tax rate on unprepared foods & the SC Law for prescription drugs. dor.sc.gov/tax-index/sales-and-use/Sales%20Notices/ST594.pdf
dor.sc.gov/resources-site/lawandpolicy/Advisory%20Opinions/RR11-3.pdf