Cost of Living

The cost of living in the Tri-County area is very reasonable. A typical home of 1,800 square feet of living area on a lot of 8,000 square feet can be purchased for about $114,702. Rental prices for apartments (approximately 950 square feet with 2 bedrooms, 1 1/2 baths) averages $557 per month.

Taxes Financial Incentives: There is no inventory tax A five-year exemption from all county property taxes (except school and special purpose taxes) for new and expanding manufacturers with a capital investment in excess of $50,000. A jobs tax credit towards corporate income tax of $3,500 per job created for qualifying companies creating 10 or more jobs. A five-year exemption from all county taxes (except school and special purpose taxes) for corporate headquarters, corporate office facilities and distribution facilities if the cost of new construction or additions is $50,000 or more and 75 or more full time jobs are created. Exemption from sales taxes on water, air, or noise pollution equipment and facilities.

Income Tax:

Corporate: 5%

Personal: South Carolina has a tiered indexed personal income tax which ranges from 2.5% to 7.0% on all income above $11,250.

Property Tax:

South Carolina has no state property tax. Real and personal property taxes are levied by local taxing authorities (real at 4.0% or 6.0% and personal at 10.5%). There is no intangible personal property tax in South Carolina. The local millage rate is applied to the assessed value to determine the estimated annual liability.