Compared to many other thriving coastal communities, Charleston offers residents a reasonable cost of living, and the area’s state and local tax burden is significantly lower than the national average.
Personal Income Tax
South Carolina features a personal income tax structure that’s competitive and affordable. The state has a tiered, indexed personal income tax that ranges from 0% to a maximum rate of 7.0% for income over $13,800. There are six income tax brackets that are adjusted annually for inflation.
Property Tax
In South Carolina, only local governments levy property taxes. There is no state tax on real or personal property. Residents of Carnes Crossroads pay Berkeley County property taxes.
Real Estate Tax (Annual)
4% for qualified, owner-occupied residential real estate (must be completed within 90 days of purchase).
Sales Tax
Charleston County – 8.5%
Berkeley County – 8.0%
Dorchester County – 7.0%
For more tax information, visit the Berkeley County Tax Estimator.
COST OF LIVING INDEX
Atlanta, GA – 95.6
Average Home Price: 90.7
Boston, MA – 132.5
Average Home Price: 152.7
Charleston, SC – 98.3
Average Home Price: 92.6
Charlotte, NC – 93.2
Average Home Price: 79.5
Columbia, SC – 100.4
Average Home Price: 82.3
Jacksonville, FL – 92.9
Average Home Price: 80.0
Memphis, TN – 87.7
Average Home Price: 77.9
Raleigh, NC – 98.2
Average Home Price: 88.8
Richmond, VA – 104.5
Average Home Price: 103.2
Savannah, GA – 93.5
Average Home Price: 84.0
Washington, DC – 140.1
Average Home Price: 226.4
Source: ACCRA Cost of Living Index (2010)