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We are relocating to South Carolina from overseas. Went to Honda dealership yesterday. They said that SC is one of the most economical states to purchase a car bc there is no sales tax....only a one time $300 fee.
But also have to pay once a year property tax on the vehicle? Can anyone explain how this is calculated? That seems like that could amount to lot of tax dollars over the life of the car. But I'm not sure how this compares with other states.....when I lived in Pennsylvania years ago, we only paid for yearly registration fee of about $25 for a new license plate sticker ....no property tax. I can't recall Pa. car sales tax, and I'm guessing it is likely a lot more than $300 for a new car in most other states. Also would like to know if there is a difference in tax debt with new vs used or pre owned cars. Can anyone clarify for me how the car you own is taxed in SC? Is there a maximum amount yearly property tax?
thanks in advance for any input!
Its done by the county you will be living in, and youll have to pay separate for a tag. In Laurens county, you pay the taxes and tag fee at one time, in one bill. Im not sure how other counties do it, nor am I sure how they calculate it. Laurens county sent me a $700 bill on my new truck in 2013, but the one I traded, book value wise, was worth more than the new one cost, but the taxes were lower, so I dont think it necessarily goes by "value" of the vehicle.
It is based on the value of the car. A new car can run upwards of $400 to $500 in taxes a year. As the car ages, the taxes come down. My wife has a 2 year old Honda CRV and the taxes this past year were $451.
It is based on the value of the car. A new car can run upwards of $400 to $500 in taxes a year. As the car ages, the taxes come down. My wife has a 2 year old Honda CRV and the taxes this past year were $451.
Theres more to it than just the value of the vehicle, at least in Laurens. As I mentioned, the value of my 08 was more than the sticker on my 13. But the taxes were higher, almost double in fact that first year. They have come down, but are still higher than my 08 was the first year I owned it.
gvsteve is right...there IS sales tax on vehicles. 5% capped off at $300. If you buy from a South Carolina dealer, you pay the sales tax there. If you buy from a private party, then you pay the DMV when you title the vehicle. SOME out-of-state dealers collect sales tax...if they do, the DMV will credit you for that tax (you must provide documentation that it was paid).
You get nailed with property tax if your vehicle is new, or relatively so. Conversely, if you drive a 15 year-old beater, you won't pay more than 30-40 bucks in most cases.
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