- Statewide: 6.0%
- Counties can levy an additional sales tax of no more than 3.0%
- Current average sales tax (with local taxes included): 7.528%
- Common Exceptions at State Level:
- Prescription: Exempt
- 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)
- Cigarette Tax: 57 cents/pack of 20
Personal Income Tax
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.
- Personal Income Tax Rate Range: Six brackets from 0% to 7.0% (on income greater than $15,560)
- Standard Deduction: $12,550. Married Filing Jointly: $25,100
- Personal Exemption Allowance: N/A
- Itemized Deductions Allowed?: Yes, subject to limitations
- Retirement Income
- 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*
- Military Pay
- 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: $17,500 is exempt if under 65; $30,000 is exempt if 65 and over.
- Military Disability Pay: Exempt
- VA Dependency & Indemnity Compensation Benefits: Exempt
- SBP/SSBP/RCSBP/RSFPP: Same as military retirement pay
- 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.
Inheritance & Estate Taxes: None
Department of Revenue website: www.dor.sc.gov