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Hilton
Head Taxes
Hilton Head Island actually enjoys
lower taxes than many areas within South Carolina
as well as the US.
State Income Tax South Carolina's
State Income Tax system allows certain deductions
from total income and taxes the remainder. State
tax rate on personal income is as follows:
2% on the first $2000 4% on the
next $2000
3% on the next $2000 5% on the
next $2000
6% on the next $2000 7% on all
over $10,000
Personal Property Tax:
SC does not have an intangible personal property
tax on items such as stocks & bank accounts
however, there is a tangible personal property tax
on autos, airplanes, & boating.
Real Estate Tax:
The appraised value (based primarily
on comparable sales) of the property is multiplied
by 4% (residents) or 6% (nonresidents & corporations)
to arrived at the assessed value. The assessed value
is multiplied by the millage rate for the district.
For example: a $150,000 home multiplied by 4 % (resident)
gives an assessed value of $4,000. $6,000 multiplied
by a millage rate of 230.2 means a tax of $1381.20.
*Note: Individuals over 65 can typically
deduct $20,000 from the appraised value before you
multiply by 4% and the millage rate.
For additional information:
Beaufort
County, South Carolina Property Tax Information
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