Myra Davis

Hilton Head Island Taxes

INCOME TAX

South Carolina's State Income Tax is similar to the Federal system.  In calculating your annual state tax, you use the taxable income figure from your federal return as your original basis.  You are allowed certain deductions from your total income and are taxed on the remainder.  You are not taxed on real property owned out of state.  You are liable for taxes on income amassed from other states, although you may be eligible for credit for the taxes for income that was paid to other states.

If a non-resident of South Carolina earns income during a tax year, The non-resident must file a non-residents income tax return with the South Carolina Dept. of Revenue. This requirement applies to non-residents who earn income in the State of South Carolina as a result of a real estate sale.

South Carolina law requires a withholding at the time of closing of a percentage of the gain on the sale of real estate and that estimated withholding be forwarded to the South Carolina Department of Revenue. The required withholding is seven percent (7%) of the amount of the gain for individuals and five percent (5%) of the amount of the gain for corporations. The withholding at the time of closing only applies to non-residents of South Carolina. If you are a South Carolina resient there will be no withholding.

The following chart shows the sliding scale of South Carolina’s State 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 all over $10,000

PERSONAL PROPERTY TAX

Personal property taxes vary from district to dictrict throughout Beaufort County for each district sets its own rate.  There are currently seven tax districts in Beaufort County.

REAL ESTATE TAX

The county tax assessor places an assessed value on your real estate, based upon condition, comparable sales, etc.  This appraised value is then multiplied by 4% for residents and by 6% for non residents and corporations to determine the assessed value of the property.  The assessed value is then multiplied by the appropriate millage rate for your district. Residents that qualify for the 4% tax ratio are exempt from taxes imposed for school operating expenses.  Therefore the millage rates differ for residents and non residents.

Please remember that the information found here is general in nature.  Should you have any questions regarding your specific tax situation, please refer to the County Auditors office in Beaufort at (843) 470-2555, or the Tax Assessor's office at (843) 470-2522.

Additional information can be found at:

http://www.bcgov.net

http://www.sctax.org

To calculate the approximate tax on a specific property, take the millage rate from the chart below and follow this link to the millage calculator. 

or check with your personal accountant

AREA	DISTRICT #	4% Mill Rate	6% Mill Rate
HH Plantation	510	0.0979	0.1981
Indigo Run	510	0.0979	0.1981
Mitchelville	510	0.0979	0.1981
Palmetto Hall	510	0.0979	0.1981
Port Royal	510	0.0979	0.1981
Spanish Wells	510	0.0979	0.1981
Ashton Cove	550	0.0935	0.1937
Broad Creek Landing	550	0.0935	0.1937
Point Comfort	550	0.0935	0.1937
Sea Pines	550	0.0935	0.1937
Shipyard	550	0.0935	0.1937
Long Cove	520	0.1035	0.2037
Palmetto Dunes	520	0.1035	0.2037
Shelter Cove	520	0.1035	0.2037
Wexford	520	0.1035	0.2037
Yacht Cove	520	0.1035	0.2037
Windmill Harbour	501	0.1009	0.2011
Forest Beach	552/553	0.0935	0.1937
Bluffton/Okatie	600	0.0965	0.1967
Town of Bluffton	610	0.1365	0.2367
Daufuskie Island	800	0.1086	0.2088

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