Retirement Communities in South Carolina
Interested in retirement communities in South Carolina? Here's some information you'll need to know!
South Carolina ranks 6th overall in popularity for retirement. The climate is called humid-sub-tropical with summers being hot and humid while winters are mild. The median home price is well below the national average. This topped with the fact that homeowners receive a substantial exemption of the first $50,000 of the market value of their home makes South Carolina very appealing to new retirees.
There are 4 regions in the state: The Low Country stretches from the ocean area across the southern part of the state, the Sand Hills which separates the Piedmont in the west from the low country, and Upstate where youll find the highest elevations.
Retirement income is taxed so this is something you may want to keep in mind if South Carolina retirement is something you are considering.
Money Magazine lists the top 6 cities to retire in South Carolina as:
The coastal area from Myrtle Beach with its over 100 public golf courses to Charleston and beyond is one of the most popular and fastest growing retirement areas in the entire country. Unfortunately though, that also makes it one of the most expensive areas of the state to retire. If this area is appealing to you, you might want to check out some of the smaller retirement communities in South Carolina like Bluffton, Conway and Johnsonvilleall just an hour or so from the coast but a lot more affordable.
In the shadows of the Blue Ridge Mountains in the northwest section of the state youll find picturesque lakes and a slower paced lifestyle. You may find the small town life in small towns like Clemson, Seneca and Pendleton to be just what youre looking for.
In the Piedmont area in western South Carolina youll find beautiful rolling hills with an abundance of green pastures and horse farms. So, if steeplechases and polo matches are more to suited to you than deep sea fishing and walks on the beach then this may be the right place for you.
Whatever your interest is, South Carolina has a lot to offer. Just remember to do your homework before you decide to call one of the many retirement communities in South Carolina home.
We have found several Active Adult communities in South Carolina. Check out our page on Age Restricted Active Adult Communities in South Carolina
Important Facts if you are considering one of the Retirement Communities in South Carolina:
Median Home Price: $113,910
Personal Income Tax: Yes
South Carolina taxes its residents over six income brackets:
-- 2.5 percent on the first $2,630 of taxable income
-- 3 percent on taxable income between $2,631 and $5,260.
-- 4 percent on taxable income between $5,261 and $7,890.
-- 5 percent on taxable income between $7,891 and $10,520.
-- 6 percent on taxable income between $10,521 and $13,150.
-- 7 percent on taxable income of $13,151 and above.
Sales Tax: Yes
General Tax Rate is 6%, Lodging is at a 7% rate and unprepared food is taxed at 3%. Residents over 85 years of age are elidgeable for a 1% exclusion.
Property Tax: Yes
Both real and personal property are subject to tax that is administed and collected by the local governments.
Each type of property is assessed differently for example, Primary residences are taxed at 4 percent of the fair market value. Privately owned agricultural property is taxed at 4 percent of use value. Personal property is taxed at 10.5 percent of income tax depreciated value.
There are numerous property tax exemptions granted by the state, including a homestead exemption of $50,000 from the property's assessed valuation for residents who are 65 years of age and older, who are totally disabled and/or who are totally blind.
Inheritance and Estate Tax: No
For More Information: Contact the South Carolina Department of Revenue website
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