What You Need to Know About South Carolina Taxes & Retirement

There are so many reasons that make the Palmetto State retiree-friendly, and South Carolina retirement tax breaks are just one amazing perk! Read on to discover some of the perks of retiring in South Carolina. Afterward, when you are ready to begin your home search, contact us at Pam Harrington Exclusives for a customized search.

 

What You Need to Know About SC Taxes & Retirement

Property Taxes

The average effective property tax rate in South Carolina is only 0.57%. However, retirees who have been a legal resident of South Carolina for one preceding tax year qualify for a property tax exemption known as the Homestead Tax Exemption. This tax exemption is available to South Carolina property owners over the age of 65.

With the Homestead Tax Exemption, the first $50,000 of your home is exempt from municipal, county, school, and real property taxes. To receive this exemption, you must apply at your county auditor’s office.

Other Tax Breaks for Seniors

South Carolina taxpayers ages 65 and older do not need to file a state income tax return. In addition, Social Security benefits are not taxed by the state of South Carolina. Overall, Kiplinger rates South Carolina as a tax-friendly state for retirees. For more information on tax breaks that senior residents may be eligible for, visit the South Carolina Department of Revenue website.

The Best Places to Retire in South Carolina

If you are looking for a unique combination of serenity and fun, look no further than Kiawah Island and Seabrook Island. When you own a piece of property on one of Charleston’s most beloved sea islands, you have easy access to championship golf, world-class tennis, miles of pristine beaches, and more. In addition, with beautiful year-round weather, you can look forward to enjoying your favorite sports and outdoor activities throughout the four seasons!

Additional Retirement Resources

If you are ready to embark on this next exciting chapter of your life, then take advantage of our retirement resources. The following resources can help make your transition a bit easier.

With 40 years of real estate experience, Pam Harrington Exclusives is known throughout the South Carolina Lowcountry as the No. 1 source for prime reality. Whether your retirement vision includes quick access to championship golf or a home that is only steps away from the most beautiful beach in the Southeast, our dedicated team of real estate experts can help you find the retirement home of your dreams. Browse our extensive collection of over 100 Kiawah Island and Seabrook Island properties today!

If you have any other questions about taxes for seniors and retirees in South Carolina, simply contact us at Pam Harrington Exclusives.