South Carolina Verses North Carolina (Hardeeville, Bluffton: home, taxes, prices)

[baylovers]

Here is a comparison of taxes:

NORTH CAROLINA
Sales Taxes
State Sales Tax: 4.25% (prescription drugs, medical equipment exempt, food subject to 2% county tax); Some county taxes can increase the total to 7.5%.
Gasoline Tax: 30.2 cents/gallon
Diesel Fuel Tax: 30.2 cents/gallon
Cigarette Tax: 35 cents/pack of 20

Personal Income Taxes
Tax Rate Range: Low - 6.0%; High - 8.00% (2007) (rate will be 7.75% after January 2008)
Income Brackets: * Lowest - $12,750; Highest - $120,000
Number of Brackets: 4
Personal Exemptions: ** Single - $3,200; Married - $6,400; Dependents - $3,200
Standard Deduction: Single - $3,750; Married filing jointly - $6,100
Medical/Dental Deduction: Federal amount
Federal Income Tax Deduction: None
Retirement Income Taxes: Social Security is exempt. At least $4,000 in exclusions for federal, state and local pensions (depending on dates and length of service); up to $2,000 exemption for qualified private pensions, including IRAs. Out-of-state government pensions also qualify for the $4,000 exemption. State retirees with at least 5 years of creditable service as of August 12, 1989, will be permanently exempt from state income tax on their retired/retainer pay. Be sure to investigate the Bailey decision. Taxable income also includes income derived from gaming in North Carolina. For more details on retirement income deductions, click here.
Retired Military Pay: If an individual had five years of creditable service as of August 12, 1989, all military retired pay is exempt from taxes. Otherwise, a deduction of up to $4,000 is allowed for military pay or survivor's benefits.
Military Disability Retired Pay: Disability Portion - Length of Service Pay; Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless combat incurred. Retired Pay - Based solely on disability: Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless all pay based on disability and disability resulted from armed conflict, extra-hazardous service, simulated war, or an instrumentality of war.
VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.

Property Taxes
All property, real and personal, is subject to taxation and is assessed based on 100% of appraised value. Taxes are collected by cities and counties. Under the homestead exemption, the greater of $20,000, or 50% of the appraised value of real property owned by a North Carolina resident and occupied by the owner as his or her permanent residence is excluded from the taxpayer's assessment, if the following requirements are met: (1) The owner is 65 years of age or older or is totally and permanently disabled. (2) The disposable income of the owner did not exceed $19,700 for calendar year 2005 if applying in 2006, or $20,500 for calendar year 2006 if applying in 2007. The income eligibility limit is adjusted each year by the Social Security cost-of-living adjustment. The disposable income limit amount includes all moneys received plus the disposable income of the applicant's spouse if they reside together. Call 919-733-7711 for details or click here.

Inheritance and Estate Taxes
There is no inheritance tax and the estate tax is related to federal estate tax collection.

For further information, visit the North Carolina Department of Revenue site.
* The tax brackets reported are for single individuals. For married taxpayers, the same rates apply to income brackets ranging from $21,250 to $200,000. An additional middle income tax credit is allowed.
** Taxpayers who claim standard deduction or itemize deductions on federal return must make adjustments.


SOUTH CAROLINA
Sales Taxes
State Sales Tax: 6% (prescription drugs exempt); 25 counties impose an additional 1% local option sales tax; a number of counties impose a 2% sales tax. Seniors 85 and older pay 4%.
Gasoline Tax: 16.8 cents/gallon
Diesel Fuel Tax: 16.8 cents/gallon
Cigarette Tax: 7 cents/pack of 20

Personal Income Taxes
Tax Rate Range: Low - 2.5%; High - 7%
Income Brackets: ** Lowest - $2,570; Highest - $12,851
Number of Brackets: 6
Personal Exemptions: * Single - $3,200; Married - $6,400; Dependents - $3,200
Standard Deduction: Single - $4,750; Married filing jointly - $9,500
Medical/Dental Deduction: Federal amount
Federal Income Tax Deduction: None
Retirement Income Taxes: Retirement income is taxed. Social Security exempt. Under age 65, $3,000 in pension income is exempt. At 65, the deduction is $10,000. After 65, the deduction if $15,000 (single)/$30,000 (joint). Some taxpayers age 65 and older may not have to file a tax return if they meet certain conditions. For more information, click here.
Retired Military Pay: Retirees with 20 or more years of active duty can deduct up to $3,000 annually until age 65 and up to $10,000 per year after age 65. This deduction extends to the surviving spouse. Pension or retirement income received for time served in the National Guard or Reserve components is not taxable. Survivor benefits are taxed following federal tax rules.
Military Disability Retired Pay: Disability Portion - Length of Service Pay; Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless combat incurred. Retired Pay - Based solely on disability: Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless all pay based on disability and disability resulted from armed conflict, extra-hazardous service, simulated war, or an instrumentality of war.
VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.

Property Taxes
Property tax is assessed and collected by local governments. Both real and personal property are subject to tax. The market value of a legal residence and up to 5 acres of surrounding land is assessed at 4%. For homeowners 65 and older, the state's homestead exemption allows the first $50,000 of their property's fair market value to be exempt from local property taxes. South Carolina imposes a casual excise tax of 5% on the fair market value of all motor vehicles, motorcycles, boats, motors and airplanes transferred between individuals. For more information, click here.

Inheritance and Estate Taxes
There is no inheritance tax and the estate tax is related to federal estate tax collection.

For further information, visit the South Carolina Department of Revenue site or 800-763-1295. If you are planning to move to South Carolina, this link will provide you with some helpful information.
* State allows personal exemption or standard deductions as provided in the Internal Revenue Code.


Taken from Retirement Living - Taxes by State: New York - Wyoming

[Brandon Hoffman]

Originally Posted by patchman

Hi Everyone,

I've been looking to relocate to the Charlotte area. Does SC offer a better tax advantage for seniors? I've read some of the threads and it sounds like SC is more laid back than NC. Been checking out areas all around Charlotte and am thoroughly confused. Looking for someone to give me their opnions about the areas around Charlotte. We are looking for a small town atmosphere, where it is easy to get around, doctors and hospitals are reasonably close as well as shopping. Some type of public transportation would be a bonus.

Thanks for your help

Check with an accountant/CPA in the Charlotte area. They will probably be familiar with both states and be able to tell you the benefits/drawbacks better than anyone. Good luck!

[Angie Adams]

Originally Posted by Carolina-Trader

Without going into the nuances of tax codes between states and counties; SC offers a 50k homestead deduction to those over 65. Yes - SC gives retirees a tax break. The tax bill on my property would be less if you lived in it.

SC does tax your personal property at 6% as well so take this into account if you own an expensive car, boat, or plane.

I live in Fort Mill SC/Tega Cay area near Charlotte and I just got my property tax bill, it's about 40% lower than the North Carolina side. My tax bill was $2500 (on a $400,000 home) with the $1800 school tax credit. Just imagine how low it must be with the Homestead exemption!

[CarolinaSouth803]

Originally Posted by patchman

Hi Everyone,

I've been looking to relocate to the Charlotte area. Does SC offer a better tax advantage for seniors? I've read some of the threads and it sounds like SC is more laid back than NC. Been checking out areas all around Charlotte and am thoroughly confused. Looking for someone to give me their opnions about the areas around Charlotte. We are looking for a small town atmosphere, where it is easy to get around, doctors and hospitals are reasonably close as well as shopping. Some type of public transportation would be a bonus.

Thanks for your help

The taxes tend to be a little less in SC....the area's that people mentioned above are good ones, but more people are retiring along the coastline in NC and SC. I took a trip up to the Hardeeville/Bluffton/Hilton Head area and it's very nice there.....I visited the new community/town called Tradition.....it's going to be beautiful out there.....

Tradition South Carolina

[I did a tour and i think they give all residents a golf cart to drive to the town center to encourage less driving on the roads]....and there's Sun City also....

The Charleston area is very beautiful and scenic, but can be a little hecktic to get around in at times.

It depends on what area you are coming from and what do you like....where are y'all from?

[Rapture]

baylovers - thanks for the tax info. and link

[Frankie117]

I would say NC is best for retirees, especially in the Western parts of the state. Asheville has excellent healthcare programs, as well as a friendly environment. Aiken, SC is a good choice for retirees, as it is close to several very good medical facilities, the people are also very friendly and welcoming to newcomers.

I would avoid the major metro areas of NC, the air quality in the middle part of NC is horrific, traffic is also hell. Charlotte, Raleigh, and Winston-Salem are all becoming sprawling hellholes.

[Angie Adams]

Originally Posted by CarolinaSouth803

The taxes tend to be a little less in SC....the area's that people mentioned above are good ones, but more people are retiring along the coastline in NC and SC. I took a trip up to the Hardeeville/Bluffton/Hilton Head area and it's very nice there.....I visited the new community/town called Tradition.....it's going to be beautiful out there.....

Tradition South Carolina

[I did a tour and i think they give all residents a golf cart to drive to the town center to encourage less driving on the roads]....and there's Sun City also....

The Charleston area is very beautiful and scenic, but can be a little hecktic to get around in at times.

It depends on what area you are coming from and what do you like....where are y'all from?

Tradition might be nice, but how much is the Homeowners Insurance? I live in a lake community with 3 beaches on Lake Wylie and have not been at the ocean once this year. Hey, it's 72 degrees today, might just lay on our beach today.

[CarolinaSouth803]

That's a good question.....I did ask that question but i can't honestly remember. Since i've went they sent me a package and other stuff so i will look in it and see what it says...but looking at the layout of the place and the potential use of the land...i think it will eventually become a very great place to live. I saw some plans and i think it will become like where you live in Lake Wyle right now....peopl living there won't have to go to the beach at Hilton Head at all if they choose to. I won't lie though....some of the homes were very expensive....but were very beautiful.....especially the one's that are on the golf course.......

[Angie Adams]

Originally Posted by CarolinaSouth803

That's a good question.....I did ask that question but i can't honestly remember. Since i've went they sent me a package and other stuff so i will look in it and see what it says...but looking at the layout of the place and the potential use of the land...i think it will eventually become a very great place to live. I saw some plans and i think it will become like where you live in Lake Wyle right now....peopl living there won't have to go to the beach at Hilton Head at all if they choose to. I won't lie though....some of the homes were very expensive....but were very beautiful.....especially the one's that are on the golf course.......

You can just call an insurance agent there and get a quote. If that place is very close to the ocean the insurance rates will be high.

[sojones]

Originally Posted by Laurie2000

I do not know about tax breaks - sorry. Charlotte is probably my most hated part of NC. Congested, snobby - ugly strip mall. Ugh. I currently live in coastal SC - but have lived in Wilmington, NC for 7 years. Yes, NC is much more uptight. I would check out Greenville SC if I were you. Beautiful parks, great community, theater - and close to Asheville and plenty of other charming mountain communities. Pawleys Island (where I am) is very nice as well.
I don't mean to be discouraging, but I think there are better places in the area than Charlotte.

lol Charlotte's Snobby and Greenville, SC isn't????