NC vs SC Taxes (North: sales, real estate, insurance)

[sds1arm2]

We are considering a move to the Carolinas from Florida.
Can someone explain the tax differences between NC and SC? What type of taxes have to be paid in each state? What is an average cost of these taxes?
What I am hearing is that, due to all the taxes, it is more affordable to live in SC.

[Charles94]

The below information are general comparisons. The data may or may not be exactly correct.

Both states have personal income tax. I believe NC is 7% and SC is 6.5%.

SC recently raised its sales tax 2% while reducing its non-prepared food tax to 1%

SC recently significantly reduced personal property tax on primary residences (hence the sales tax increase). The reduction applies to homes over $100,000. Taxes on a $300k home dropped f/ $3k to $2k.

NC gas tax is about 8 cents higher than NC. Cigarette taxes in NC are lower than SC.

Annual car taxes are much higher in SC than NC. Avg car tax in NC is $200-300/yr. Car taxes for a new car in SC can run $800-1200/yr.

[mcetta]

I've lived in SC 12.5 years and can't guess at NC tax structure.

Purchased a new 2007 car in 2006 which I paid $20k for - personal property taxes were $350. Each year you keep the car, the yearly tax decreases. We pay personal property taxes and homes, cars, boats, planes, RVs, motorcyles.

Real estate taxes for owner occupied homes is 4%, for investors 6%. That has not changed since I moved here in 1995.

SC Sales & Use Tax was 5% and increased to 6% June 1, 2007 This 1% increase was a blessing for many who received a reduction in homestead taxes. I experienced a $280 decrease in my Dec. real estate tax bill.

[ssnorkel6]

Originally Posted by sds1arm2

We are considering a move to the Carolinas from Florida.
Can someone explain the tax differences between NC and SC? What type of taxes have to be paid in each state? What is an average cost of these taxes?
What I am hearing is that, due to all the taxes, it is more affordable to live in SC.

Please send answer to ssnorkel6@aol.com

[johnthefox]

Yes you are right the south was smashed because we did not want to pay taxes on cotton to a different group of people who did not put in a drop of sweat for any cotton. We were burned, killed, and destroyed but the next time it will not be so easy. This is 2008 and times have changed. We do not need people like you. This is why we will separate again. People like you who sit in chairs while others work two jobs for something to eat. Times are changing we do need you or the feds.

[Buckeye in SC]

Originally Posted by Charles94

NC gas tax is about 8 cents higher than NC. Cigarette taxes in NC are lower than SC.
.

Cigarette taxes are the lowest in the nation in SC @ $.07/pack - ridiculous. The state house/senate passed a bill to raise it by $.50, but the governor vetoed it.

[Mrs. P]

Originally Posted by sds1arm2

We are considering a move to the Carolinas from Florida.
Can someone explain the tax differences between NC and SC? What type of taxes have to be paid in each state? What is an average cost of these taxes?
What I am hearing is that, due to all the taxes, it is more affordable to live in SC.

I lived in 3 states, Ohio, North Carolina and South Carolina.
South Carolina is the cheapest by far. I have had several people move into my townhouse community in the last 3 or so months from Florida. They were fleeing the ridiculous cost of living in Florida (so they said) especially insurance premiums on their homes. SC is fast becoming a mecca for Floridians.

[Geechie North]

Originally Posted by johnthefox

Yes you are right the south was smashed because we did not want to pay taxes on cotton to a different group of people who did not put in a drop of sweat for any cotton. We were burned, killed, and destroyed but the next time it will not be so easy. This is 2008 and times have changed. We do not need people like you. This is why we will separate again. People like you who sit in chairs while others work two jobs for something to eat. Times are changing we do need you or the feds.

.

Wow.

I trust you've heard of the Homestead Act of 1862.

How about slavery?

All that needs to be said.

[Buckeye in SC]

Originally Posted by Mrs. P

I lived in 3 states, Ohio, North Carolina and South Carolina.
South Carolina is the cheapest by far. I have had several people move into my townhouse community in the last 3 or so months from Florida. They were fleeing the ridiculous cost of living in Florida (so they said) especially insurance premiums on their homes. SC is fast becoming a mecca for Floridians.

I agree, people here in SC complain about taxes, but they are much less than Ohio - especially if you lived in an OH city. Our Real estate & vehicle taxes combine to about equal what we paid in Ohio for just R.E. (no vehicle tax there), and we have a home that is bigger and 50 years newer than the one we had in OH. Not to mention if you live in an OH city, you have to pay city income tax (typically 2%), so if you make $50k/year, you pay $1k to the city. State income taxes seem to be fairly comparable.

Florida still has their 'no state income tax,' but w/sky-rocketing property taxes & insurance rates, could definitely see more 'half-backers' (people who move mid-way between north/northeast US & Florida) continually migrating to the Carolinas & Tennessee. Plus, while the Carolinas do get hurricanes, it's not nearly as frequent as Florida. And you can live far enough inland to have very little, if any worries at all about them.

[rusty78]

Originally Posted by sds1arm2

We are considering a move to the Carolinas from Florida.
Can someone explain the tax differences between NC and SC? What type of taxes have to be paid in each state? What is an average cost of these taxes?
What I am hearing is that, due to all the taxes, it is more affordable to live in SC.

My wife and I have been looking into retiring to Florida and like you...after researching Florida...we are now also considering the carolina's...what I have found is that South Carolina is cheaper... try this site www.carolinaliving.com there is a link to taxes for each state as well as the tax rate for the larger cities/retirement spots...I would down load the current state tax forms/directions for the state you are considering and fill them out...this will give you a real idea as to what the taxes will be once you move...if you do...(to avoid the comments....don't mail them in!!!)