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Old 09-01-2009, 07:12 PM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
3,260 posts, read 5,040,247 times
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I retired from the State of NJ in July. My wife and I have purchased a townhouse in Murrells Inlet (Park West) but still have our house in NJ.
We are not sure when we will become fulltime SC residents, but probably will in the future.

Someone said it might be a good idea for one of us to get an SC drivers license, register to vote and claim full time residency. That way our property taxes would decrease. Also we could register a vehicle in SC. I am 60 (my wife 7 years younger), so it would probably make sense for me to be the one.

Right now I pay (or will be paying soon) state taxes on my pension in NJ, so I guess the fact that SC will tax my pension does not make a difference.

Thoughts? Advise?
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Old 09-06-2009, 03:45 PM
 
35 posts, read 129,017 times
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Are you a teacher? I'm in a similar boat.
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Old 09-06-2009, 05:17 PM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
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Quote:
Originally Posted by soontoretire View Post
Are you a teacher? I'm in a similar boat.
No, I retired from the State Of NJ under the PERS pension system.

In general I would like to find out:

How much my pension would be taxed by SC as compared to NJ?
I am age 60. How much would my property taxes go down as a SC resident?
How does car insurance cost compare between NJ and SC?
How do car registration rates compare?
How does the car inspection process compare between the states?
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Old 09-07-2009, 06:24 AM
 
343 posts, read 621,394 times
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Can't speak specifically for NJ because I moved here from Maryland. But, in my wife's case (retired teacher from MD), we pay income tax on her pension to Maryland because it is comes out of Maryland. We need to complete a federal, an SC and a MD return each year. So, in our case, the tax that we would pay on her pension in MD stays the same, as SC takes none of it. You then would have to pay taxes on any income that you would earn in SC to SC.

Property tax goes down as a result of your age when you hit 65 in SC (SC Homestead Act). However, comparable property taxes are going to be far less in SC on an equally accessed value. Or to say it another way, you will most likely spend half for a SC home that you would spend for a similar home in NJ, and then the millage rate will be less in SC as well. (for us, $4800/yr in MD vs. $850/yr in SC for same size lot and same square footage home.)

Car and homeowner insurances are relatively high on the Grand Strand. Don't count on these to be much, if any, lower than NJ (allowing for each individual case). Tourist drivers, hurricanes, and state politics account for this.

Car registration rates are relatively cheap here. Do remember that in SC you pay an annual personal property tax on vehicles. You are accessed each year on the value of your vehicle (car, truck, boat, RV). You do not pay a sales tax at the time you purchase a vehicle in SC, but in order to get your yearly stickers you must pay the Personal Property Tax to your individual county. The amount of the tax is based on the book value of your vehicle, cannot exceed $300/yr per vehicle, and decreases slightly from year to year on a given vehicle.

South Carolina has no vehicle inspection process.

Good luck to you. Hope this helps.
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Old 09-07-2009, 07:55 AM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
3,260 posts, read 5,040,247 times
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Looks like you are a UMD alumni, or at least a fan. Both our daughters graduated from UMD College Park. Great school!

Thanks for the information. It was a help. I am still confused about the state income taxes on my pension. I was previously told that if you became a resident of SC, you would have state taxes.
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Old 09-07-2009, 12:34 PM
 
343 posts, read 621,394 times
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Class of 74, Fear the Turtle!

Check with NJ, but I know that MD wants its taxes if the income originates in MD.
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Old 09-07-2009, 02:20 PM
 
71 posts, read 281,230 times
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Default SC Residency

It makes absolute sense for you to apply for SC residency as far as your property taxes. My guess would be that they would be 1/3 of what a non-residents would pay. Since SC has a Point of Sale assessment as far as value, all you have to do is call your County Assessor and I'm sure he will tell you what the estimate of the tab would be in each instance.
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Old 09-07-2009, 02:23 PM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
3,260 posts, read 5,040,247 times
Reputation: 2461
Teddyterp: The only time I "Feared the Turtle" was when tution was due. '74? You are almost as old as I. I graduated '71 from Juniata. Never heard of it? Small PA school near Penn State.

JN5147: Thanks for the advise. I will check with them.
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Old 09-07-2009, 09:22 PM
 
343 posts, read 621,394 times
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In Huntingdon. I was born and raised in Lancaster. And believe it or not, my room, board and tuition to Maryland, as an out-of-state student was just under $12,000. That's for four years!

The times they are a'changin.
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Old 09-08-2009, 06:51 AM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
3,260 posts, read 5,040,247 times
Reputation: 2461
My youngest daughter, who graduated a year ago May from UMD, cost me that a semester!
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