Residential property is assessed at 4% (owner occupied) or 6% (investment/rental). The tax levy on real property depends upon location of the property within a particular taxing district. The City of Greenville levy is currently 90.9 mills and the county levy for the city limits of Greenville is currently 212.7mills making the total levy 303.6 mills for properties within the city limits. The average basic county levy, including school millage, is 299 mills, as per the Tax Assessor's Office. The first $50,000 of the fair market value of a home is exempt from property taxes for citizens 65 years or older, or for the disabled and blind.
Personal Property Tax:
Business furniture and equipment, automobiles, pleasure crafts and craft engines are the only personal property taxed. Each is assessed at 10.5% of fair market value.
State Taxes
Income Tax: South Carolina has a very simple income tax structure. In 1985 lawmakers adopted a major portion of the new federal tax codes, making South Carolina a "conformity" state and meaning that South Carolina accepts adjust- ments and deductions allowed at the federal level. Income taxes paid to other states from personal services rendered there can be credited in South Carolina. For individuals earning more than $11,000 annually, state income taxes would be $426 plus 7% of excess over $11,000. Withholdig taxes are paid against employee wages to the state by employers and allowances are the same as federal.
Sales and Use Tax: A 5% sales tax is generally imposed on the retail sale of goods and services in South Carolina. The user tax of 5% is imposed on goods and services purchased out of state and brought into South Carolina. There is no sales tax on precription drugs and related items.
