In general, living in South Carolina is less expensive than in North Carolina. The total cost of living in South Carolina is 4.9% less than the national average, while the overall cost of living in North Carolina is 0.6% higher, according to statistics from Sperling’s Best Places. When compared to North Carolina, where the typical home value is $187,300, housing costs in South Carolina, where the median home value is $166,900, are much lower.
The absence of a state income tax in South Carolina is one possible explanation for the reduced cost of living there. Yes, South Carolina is one of the few states in the US that does not charge its citizens a state income tax. For individuals and families trying to cut their tax bills, this can be a huge help. It’s important to keep in mind that South Carolina does have additional taxes, including a 6% sales tax and variable property taxes based on where you live.
South Carolina isn’t necessarily a low-tax state overall, despite the absence of a state income tax. With an average tax burden of 8.4% of income, South Carolina has the 36th highest state and local tax burden in the nation, according to the Tax Foundation. The tax burden of North Carolina, which is 8.1% of income and is the 38th highest in the nation, is a little higher than this.
The state’s tax filing regulations are another factor that those migrating to South Carolina would want to take into account. You must typically file a state tax return if you have income in South Carolina. Both citizens and non-residents who make a living in the state are included in this. There are some exceptions, though, like those for service members stationed in South Carolina.
What about South Carolina’s property taxes, finally? Property tax rates might vary significantly based on where you live, as they do in most states. However, figures from SmartAsset show that South Carolina’s average effective property tax rate is 0.55%, which is lower than the country as a whole’s average of 1.07%. Despite this, the amount of a person’s individual property tax payment can still differ significantly based on elements like home valuation and regional tax rates.
Due in part to its lack of a state income tax and lower housing expenses, South Carolina generally seems to be a more affordable area to live than North Carolina. However, people and families thinking about relocating to South Carolina should also take other things like sales and property taxes, as well as the procedures for paying taxes, into consideration.
South Carolina, where Myrtle Beach is situated, levies an income tax. Depending on income, South Carolina’s state income tax rates range from 0% to 7%. Therefore, you would be required to pay South Carolina state income tax if you reside in Myrtle Beach.