Counties can levy an additional sales tax of no more than 3.0%
Current average sales tax (with local taxes included): 7.44%
Common Exceptions at State Level:
Unprepared Foods: Exempt
Prepared Foods: 11%
Gasoline Tax: 45.15 cents/gallon (Includes all state, local, and federal taxes)
Diesel Fuel Tax: 51.15 cents/gallon (Includes all state, local, and federal taxes)
Personal Income Tax
Personal Income Tax Rate Range: Six brackets from 0% to 6.5% (on income greater than $16,039). Top rate moves to 6.4% if general fund revenues are projected to increase at least 5%.
Standard Deduction: $12,950. Married Filing Jointly: $25,900. Dependent: $4,300
Personal Exemption Allowance: N/A
Itemized Deductions Allowed?: Yes, subject to limitations
Social Security: Exempt
IRAs: Taxable at ordinary income tax rates*
401Ks/Defined contribution employer retirement plans: Taxable at ordinary income rates*
Private pensions: Taxable at ordinary income rates*
Public Pensions: Taxable at ordinary income rates*
Active Duty Pay: Taxable to the extent included in federal Adjusted Gross Income, except a portion of South Carolina National Guard and reservist pay may be exempt.
Military Retirement Pay: H. 3247, signed into law May 13, exempts all military retirement income from South Carolina taxes beginning with the 2022 tax year. Previous law made $17,500 exempt if under 65; $30,000 is exempt if 65 and over.
Military Disability Pay: Exempt
VA Dependency & Indemnity Compensation Benefits: Exempt
Income tax comments: *$3,000 of retirement income is tax-exempt if under 65; $10,000 is exempt if 65 and over. May qualify for additional exemption for a total of up to $15,000.
Local municipalities average 0.57% of the property's assessed value
Calculation of assessed value: 4% of fair market value
Relief programs for:
Owner-occupied: Reappraisal every five years; cannot increase more than 15%.
65 and over or Disabled: $50,000 reduction of assessed value available
Disabled Veterans/Former Law Enforcement Officer/Former Firefighter/Surviving Spouse (not remarried): Full tax exemption is available depending on service-connected disability (up to 5 acres).
Medal of Honor recipient or POW/Surviving Spouse (not remarried): Full tax exemption is available (up to 1 acre).
Personal Property Tax: Yes. Rates and exemptions vary.