Charleston, South Carolina, is one of the most beautiful cities out there. South Carolina has it all; from the gorgeous oceanside views to the wonderful Blue Ridge Mountains of the West, you can find anything you want here. Charleston is in the middle of all of this and offers nothing but low property costs and incredible living styles.
If you’re interested in moving to Charleston but aren’t sure about how the taxes look here: these are the most important ones you’ll have to face.
Sales Taxes
From buying dinner at a fast food place to buying a bed for yourself at a local store, sales tax can find you everywhere in Charleston. The total amount comes out to 9%, and although that may seem high- it’s not all going directly to the city.
Only one percent of your sales tax goes to Charleston; from here, six percent is going to the South Carolina state sales tax, and two percent is going towards special taxes. These special taxes are going towards perks that the county Charleston offers that other counties in South Carolina may not.
Property Taxes
Property taxes in Charleston sit at 0.47%. Although this is extraordinarily low, it’s a good idea to keep in mind that this doesn’t include the high cost of flood insurance that every homeowner needs to have to be able to either keep their mortgage or ensure that they don’t lose their financial comfort due to flooding or other issues. Many homeowners fold in their property taxes so that they can pay it as part of their mortgage, so if you’re looking at Charleston houses for sale: be sure to factor that into your monthly expenses!
Income Taxes
The income taxes in Charleston are a large slope, leaning heavier the more you make. If you drive less than three thousand dollars: you don’t have to pay income taxes to Charleston. If you make over $15,000, as most people do: you’ll have to pay an income tax of 7%. This can be a lot, so if you’re a contract worker or you freelance, this is a big part of your income you’ll have to set aside: and if your taxes come out automatically, your checks are going to look smaller than you expected.
Where These Taxes Go
The taxes you pay in Charleston are treated the same way they are in any other city. Going towards your local school district, what road work and city jobs are done, and even towards the parts of your city that you wouldn’t expect, like keeping the water clear and increasing tourism.
How Do They Stack Up Nationally?
Charleston’s taxes are mostly below the national level! This shines most at the sales tax, where Charleston’s are some of the lowest out there. But, unfortunately, it does turn around and change at the income tax. Charleston’s upper-income tax is one of the highest in the country, affecting almost everyone who lives there. Although this is a great way to ensure that road repairs are completed, it can be sad to see your income vanish into taxes.