Retirees: Any tax advantages to living in SC? (Charleston, Greenville: best city, sales) - City-Data Forum

TootsieWootsie · 04-09-2009, 07:27 AM

It seems to me that of the States I've looked at that SC has the most tax advantages and lowest cost of living for retirees. Has any retiree on this board (if there are any) done Turbo Tax or any study on the advantages of living in SC for a retiree? And care to share what you have found?
If what I have found in my rudimentary finding are true then SC should expect a boom in retirees moving there. True? Or am I way off base?
And has anyone seen any projections on how many retirees are expected to relocate to SC? And which cities are anticipated to boom within the next 20 years?

ckeegan · 04-09-2009, 02:28 PM

Being that I'm not a retiree myself, I can't answer the specific tax benefits. I did want to answer one of your questions though.

Until the temporary demise of the Florida market, the Upstate of South Carolina was seeing a tremendous influx of retirees. If you are familiar with the term "half-back", you'll know what I mean.

Overall, South Carolina ranks very well in terms of cost-of-living, but the Upstate specifically ranks even better (lower median home price, average cost of a gallon of gas, etc).

PawleysDude · 04-09-2009, 03:02 PM

Don't know if it helps answer your question, but Kiplinger's magazine always has good skinny on this subject. They make a couple particularly good points, in that state income tax only tells a small part of the story, and taxes can vary significantly within the state. In SC, the wide range of property taxes among counties, the difference in city vs county taxes, and the proliferation of local-option sales tax can make a big difference in how many pennies are left in a retiree's pocket after everybody takes their cut.

TootsieWootsie · 04-09-2009, 06:41 PM

Yes, there have been many articles on half-backs, but, for some reason, I didn't expect so many retirees in so many of the SC cities I've done homework on.
Charleston/Hilton Head, Greenville area, Charlotte NC area..so many areas with alot of retirees in SC. So, is it the taxes or is it the weather I wonder?

ckeegan · 04-09-2009, 07:55 PM

Quote:

Originally Posted by TootsieWootsie

Yes, there have been many articles on half-backs, but, for some reason, I didn't expect so many retirees in so many of the SC cities I've done homework on.
Charleston/Hilton Head, Greenville area, Charlotte NC area..so many areas with alot of retirees in SC. So, is it the taxes or is it the weather I wonder?

Honestly, I think it is a combination of multiple factors.

1. Weather - Specific to the Upstate, I think a lot of those half-backs somewhat missed having multiple seasons. The leaves here change colors, but on average, our coldest month is January and the average high in January is 50. Obviously colder than FL, but not nearly as bad as the northeast. Also, we saw a tremendous influx of Floridians after they got nailed with hurricanes a few years back.

2. Cost-of-living (general, not taxes) - You name it, it's usually less expensive in South Carolina compared to many states in the US. Overall cost-of-living in Jacksonville is 12% higher than Greenville, 17% higher in Tampa, and 69% higher in Miami. A gallon of regular unleaded will cost you about $1.82 in Greenville right now, and a gallon of milk was about $2.79 last Sunday when I went to the store. Housing is tremendously cheaper, but you may pay slightly more for health care.

3. Taxes - Yes, you will pay a personal property tax on your vehicle in South Carolina, but it doesn't even come close to closing the gap compared to Florida's real estate taxes. Median property tax in Greenville is about $825 for a single-family home, and yes, that's per year and doesn't include the homestead exemption. A great place to compares specific taxes state to state can be found here: Taxes by State

4. Quality of Life - I personally think Greenville has the edge here, but I'm biased, and I'm sure people will have plenty of input on that comment. OK, we're not close to the beach, but pick a lake...any lake. I personally think our proximity to the beach has its advantages. We are not bombarded with seasonal tourists, since October is just as good a time to visit as July. Greenville is growing, but not too fast, and the only people that complain about traffic are those who moved here from the middle of nowhere.

OK, so I'm done with my book. I've said this before, and I'll say it again. Greenville's growth slowed, in part, due to the temporary demise of the Florida market. However, our property values have remained stable, and actually increased as recently as 4th quarter 2008. As the Florida market recovers, the Greenville market (and Upstate in general) will almost certainly make up for that deceleration. Half-backs will revisit their aspirations of relocation, and folks in the northeast will start buying up homes in Florida at prices they wouldn't have imagined at the peak of the Florida market.

If you search "best lists" and Greenville, SC, you'll see a lot of results. Best walking city in South Carolina, Top 50 Cities for Businesses and Careers, 4th best city to relocate to in 2008, 5th best place to weather the economic downturn, and so on.

TootsieWootsie · 04-10-2009, 09:34 AM

Thanks for such an informative post! Seems that everyone who lives in Greenville just loves it from reading this board.
50 is your winter temperature? Uh...not very cold at all. Must be able to get away with just a sweater then...wow...I could handle that one.

myrc60 · 04-10-2009, 11:41 AM

Quote:

Originally Posted by TootsieWootsie

Thanks for such an informative post! Seems that everyone who lives in Greenville just loves it from reading this board.
50 is your winter temperature? Uh...not very cold at all. Must be able to get away with just a sweater then...wow...I could handle that one.

Don't fool yourself though, it can get really cold overnight (lowest I remember this year was in the high teens) but it usually warms up nice during the day. And when it rarely gets down to the 20's or 30's for a high it usually only lasts a few days.

TootsieWootsie · 04-10-2009, 04:38 PM

Nice, nice, nice. Sounds great to me.
I really like South Carolina alot. The hardest thing is to decide which city to go to.

ss20ts · 04-10-2009, 10:34 PM

Quote:

Originally Posted by myrc60

Don't fool yourself though, it can get really cold overnight (lowest I remember this year was in the high teens) but it usually warms up nice during the day. And when it rarely gets down to the 20's or 30's for a high it usually only lasts a few days.

Depending on where you're coming from, 50 is like living in a fireplace during the winter. Until the last 2 weeks, I haven't seen 50 since last year. God that was so long ago! Heck 30 was warm for a few months. How sad is that?

flgargoyle · 04-11-2009, 05:17 AM

I've lived in FL for 28 years, and we are planning to build in the upstate in a year or so. FL has gotten very crowded and expensive in the years we've been here. In our area, a typical house would run $4000 a year in taxes, and about the same in homeowner's insurance (thanks to a rash of hurricanes one year). Traffic here can be frustrating. My 5 mile commute features 11 (eleven!) traffic lights, and takes a half hour. We bought 7 acres in Travelers Rest for about half of what a small building lot would cost here. Although not quite retirement age yet, we are getting close- maybe 10 years away. Yes, FL has gorgeous winter weather, but summer is a solid 6 months of heat and humidity. We're trapped in our homes all summer much the same way that northerners are trapped inside all winter. We certainly have a lot of facilities for retirees; SC can't come close on that. I've also grown tired of all the media hype every time a storm forms off of the coast of Africa. We are bombarded from June to November with dire warnings about hurricanes. That's why we didn't consider coastal SC.