The Beaufort Country Tax Assessor places an "Appraised Value" on your real estate, based upon comparable sales, the property's age, location, condition, etc. This appraised value is then multiplied by 4% for residents (6% for non-residents and corporations), to determine the "Assessed Value" of a property. The assessed value is then multiplied by the millage rate for your district. A $ 100,000 non-resident owned home, for example, has an assessed value of $ 6,000 ( $ 100,000 X 6% ). That $ 6,000 is then multiplied by the current millage rate which, in Hilton Head's district 550, is .2254. The 2004 property tax for that home would be $1,352.
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Property Tax
The Beaufort Country Tax Assessor places an "Appraised Value" on your real estate, based upon comparable sales, the property's age, location, condition, etc. This appraised value is then multiplied by 4% for residents (6% for non-residents and corporations), to determine the "Assessed Value" of a property. The assessed value is then multiplied by the millage rate for your district. A $ 100,000 non-resident owned home, for example, has an assessed value of $ 6,000 ( $ 100,000 X 6% ). That $ 6,000 is then multiplied by the current millage rate which, in Hilton Head's district 550, is .2254. The 2004 property tax for that home would be $1,352.
Personnal Property Tax
South Carolina has a personal property tax on automobiles, recreational vehicles, airplanes and boats based on an assessed value of 10.5 percent of total purchase price. The assessed value is then multiplied by the appropriate millage rate of the district in which the taxpayer resides.
Exemptions, adjustments and deductions allowed on a federal income tax return are allowed on a state return. A person's federal taxable income is the starting point to determine South Carolina state income tax liability. The following chart shows the sliding scale of South Carolina's tax rate for personal income:
Two percent (2%) on the first $2,000
Three percent (3%) on the next $2,000
Four percent (4%) on the next $2,000
Five percent (5%) on the next $2,000
Six percent (6%) on the next $2,000
Seven percent (7%) on the next $10,000
Sales Tax
South Carolina has a five percent sales tax. Persons 85 years or older pay only 4 percent sales tax. There is a state-wide accommodations tax of 2 percent. A maximum of $300 is imposed on purchases of motor vehicles, boats and leased vehicles. Hilton Head Island imposes a 3 percent tax.
Estates worth $1,000,000 or less are exempt from estate tax in South Carolina.