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TMSretired, very true. Property taxes are much more reasonable in SC than alot of places, but having to pay property tax yearly on all vehicles regardless of age should be changed. If you have a new vehicle your yearly taxes could be over $500-800 a year for many years. 14 years later and you still are paying over $100 in property tax on that car! And a 20 year old boat could be $1000 a year!
How were the sales taxes in Texas? I know we are near 8% and even tax free Tennessee is only around 9%. I'd actually love to see where these income tax free states generate their revenue. ObviouslyTexas does it with high property tax, but Tennessee doesn't have high property taxes in comparison. I don't know about Florida.
Glad to see that state income taxes are being reduced ever so slightly over the next couple of years in SC though. At least something is going down. Might put an extra $20 in my pocket!
The tax has to come from somewhere. SC taxes...you can work with. TX property taxes...little to no leeway.
I would much prefer consumption taxes because you have some level of control over how much you pay.
Edit: I looked up my car prop tax...$298 for a 2020 Subaru.
I used to attend training at the National Advocacy Center/DOJ on the USC campus. Loved the people, the food at the "NAC"....wish DOJ retirees could just go and stay there, eat in the cafeteria, etc.
The food was memorable! Also enjoyed walking down to the Five Points area.
TMSretired, very true. Property taxes are much more reasonable in SC than alot of places, but having to pay property tax yearly on all vehicles regardless of age should be changed. If you have a new vehicle your yearly taxes could be over $500-800 a year for many years. 14 years later and you still are paying over $100 in property tax on that car! And a 20 year old boat could be $1000 a year!
It could be worse.
When I lived in Las Vegas 10 years ago, I was paying between $1,400 and $1,500 each and every year to register my car as the registration fee was based on the value of the car. I'm glad we only had one to register.
I just registered my car for the first time here in Georgia a few weeks ago and I had to pay over $1,000 for my initial registration. But at least that was just a one-time fee, unlike Nevada.
TMSretired, very true. Property taxes are much more reasonable in SC than alot of places, but having to pay property tax yearly on all vehicles regardless of age should be changed. If you have a new vehicle your yearly taxes could be over $500-800 a year for many years. 14 years later and you still are paying over $100 in property tax on that car! And a 20 year old boat could be $1000 a year!
How were the sales taxes in Texas? I know we are near 8% and even tax free Tennessee is only around 9%. I'd actually love to see where these income tax free states generate their revenue. ObviouslyTexas does it with high property tax, but Tennessee doesn't have high property taxes in comparison. I don't know about Florida.
Glad to see that state income taxes are being reduced ever so slightly over the next couple of years in SC though. At least something is going down. Might put an extra $20 in my pocket!
SC Vehicle taxes - bought a new car in 2021 it was $456, last year it was $256. My older car was $23 and my husband's truck was $31.
I have a large 4 bedroom home and my property tax is $1298 per year, going down this year because we'll be 65.
SC Vehicle taxes - bought a new car in 2021 it was $456, last year it was $256. My older car was $23 and my husband's truck was $31.
I have a large 4 bedroom home and my property tax is $1298 per year, going down this year because we'll be 65.
I can't complain - at all.
Guess it depends on the county also. 2008 car still about $120 and 2010 truck still about $170. But yes property tax on 2100 square feet is about like yours.
Both of my cars combined, the last year we lived in Columbia, was just over 2600 dollars. And that was for year 3.
The last time I paid yearly car registration in CA, it cost me $200 for an 11 year old inexpensive KIA. Plus I had to pay someone to smog it every 2 years because it was more than 5 years old. I think that was about $80 when all was said and done but it could have been a little less.
I question some of the tax ratings in this guide - how can CA be rated as tax friendly, the same as FL (friendly) and better than AK (mixed) and significantly better than TX (least tax friendly) for taxes when CA taxes most income at high rates, has high sales, gas and property taxes yet these other states do not tax any income.
Same for Georgia v. South Carolina.
SC is rated at "most tax friendly" for excluding $10,000 of retirement income (up to $3,000 for taxpayers under 65) with taxpayers age 65 or older being able to deduct $15,000 ($30,000 for joint filers) from all taxable income. Military retirement income and Railroad Retirement benefits are fully exempt.
Georgia is merely "tax friendly" but allows retirees 65 and over to deduct $65,000 of retirement income (up to $35,000 for taxpayers age 62 to 64) which includes pensions and withdrawals from retirement accounts. Georgia also exempts the first $4,000 ($5,000 beginning in 2024) of earned income. While military retiree pay is included in that $65K, as of January 1, 2022, veterans over 62 get an additional $17500 tax exemption on top of the 65K.
Beginning July 1, 2022, up to $35,000 of military retirement pay is exempt for veterans under 62 years of age.
Social Security is not taxed in either state.
Just did our 2022 taxes (married filing joint), well over 100K income from pensions and SS and 0, yup, 0 state taxes owed. Loving me some Georgia!
SC is rated at "most tax friendly" for excluding $10,000 of retirement income (up to $3,000 for taxpayers under 65) with taxpayers age 65 or older being able to deduct $15,000 ($30,000 for joint filers) from all taxable income. Military retirement income and Railroad Retirement benefits are fully exempt.
Georgia is merely "tax friendly" but allows retirees 65 and over to deduct $65,000 of retirement income (up to $35,000 for taxpayers age 62 to 64) which includes pensions and withdrawals from retirement accounts. Georgia also exempts the first $4,000 ($5,000 beginning in 2024) of earned income. While military retiree pay is included in that $65K, as of January 1, 2022, veterans over 62 get an additional $17500 tax exemption on top of the 65K.
Beginning July 1, 2022, up to $35,000 of military retirement pay is exempt for veterans under 62 years of age.
Social Security is not taxed in either state.
Just did our 2022 taxes (married filing joint), well over 100K income from pensions and SS and 0, yup, 0 state taxes owed. Loving me some Georgia!
There is one caveat to that, unfortunately, and that is for a married couple both people must qualify individually. So the retirement exclusion outside of Social Security could be anywhere from $65k to $130k. If, for example, one spouse has a retirement income from 401(k)s, IRAs, etc of $90k and the other spouse has a retirement income from the same sources of $40k, even though their combined income excluding Social Security is $130k, they would only qualify for an exclusion of $105k and have to pay state income tax on the remaining $25k.
Still a pretty good deal though.
Conversely, if both spouses each have a retirement income of $65k and Social Security income of an additional $35k each, they would have a total income of $200k and still pay zero in state income taxes.
The last time I paid yearly car registration in CA, it cost me $200 for an 11 year old inexpensive KIA. Plus I had to pay someone to smog it every 2 years because it was more than 5 years old. I think that was about $80 when all was said and done but it could have been a little less.
California, for all of its faults, is very reasonable for older cars, which are judged (often incorrectly!) as being largely devoid of value. My daily driver has negligible assessed value, and correspondingly fairly low annual tax. Really old cars, such as my "hobby" car, are smog-exempt. Perhaps counterintuitively, car insurance is also very reasonable, if one doesn't drive much and the coverage is liability-only.
In sum, the taxes and fees associated with transportation, can be quite low, even in a high-tax state, provided that one drives older/cheaper cars. We can curb our consumption and thus incur lower tax. We can't curb our income, without, ahem, having a lower income.
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