If you are at or close to retirement, then you may also be looking to relocate. South Carolina is a great choice. It is truly a pretty part of the country. The weather is mild, and shopping, sightseeing, and recreational opportunities abound in cities such as Greenville, Columbia and Charleston. But there are other things to consider when you decide to relocate. What kind of taxes would you face as a retiree relocating to the city? While you are likely to earn less income in your Golden Years than you did during your working years, you still will draw income from retirement savings and may even have a pension or annuity which means the state’s income tax rules will affect you since retirement income is taxed (Social Security benefits, however, are not taxed).
Property taxes in South Carolina
- The market value of a legal residence and up to five acres of surrounding land is assessed at 4%. The first $50,000 of fair market value of a primary residence is exempt from local property taxes for residents 65 and older under a homestead exemption. – See more at:
