One of the seven US states without an individual income tax is Florida. This indicates that Florida citizens are exempt from paying state income taxes on their earnings. South Carolina does, however, impose an individual income tax, with rates ranging from 0% to 7%. Depending on your filing status and income level, the exact tax rate that is applied to your income will vary. Taxes on real estate:
Both Florida and South Carolina have comparatively low property tax rates when compared to other states. Florida has the 28th-highest average property tax rate in the nation at 0.83%. With an average property tax rate of 0.57%, South Carolina is the 39th-highest state in the nation. Retail Sales Taxes: Another crucial part of taxation to think about is sales taxes. Florida’s statutory sales tax is 6%, but local governments may further tack on their own municipal sales taxes. The overall sales tax rate in some places might reach 8.5%. The state sales tax in South Carolina is 6% as well, but local governments are allowed to tack on an additional 2%, bringing the whole sales tax in some places to 8%. Which States Don’t Charge Income Tax? As was already established, Florida is one of the seven states without a state income tax. Alaska, Nevada, South Dakota, Texas, Washington, and Wyoming are the additional states that do not impose an individual income tax. It’s crucial to keep in mind that some states might still impose other taxes, such as sales taxes or property taxes, which could make up for the absence of an income tax.
What is the 2021 SC tax rate? Individual income tax rates in South Carolina range from 0% to 7% as of 2021. Depending on your filing status and income level, the exact tax rate that is applied to your income will vary. Additionally, South Carolina’s state sales tax is 6%, but local governments may tack on an additional 2% in some locations, bringing the final sales tax rate to 8%.
Summary:
Florida has a lower overall tax burden than South Carolina when comparing taxes since it doesn’t impose an individual income tax. In contrast to other states, South Carolina has comparatively modest property and sales tax rates. The ideal state for you in terms of taxes ultimately depends on your own situation, including your income level and spending preferences.