Intangibles tax is collected in many states that do not have a general personal income tax and is imposed on bank accounts, interest, dividends, stocks, bonds and other assets. You do not pay a tax in this state on property you sell in another state. Social Security income that is taxed on your federal income tax return is deductible for South Carolina purposes. A credit is allowed for income taxes paid to another state on income that is taxable in both states. You receive an additional state income tax credit for child care or elderly care expenses.
Local governments assess and collect property taxes.
The market value of a legal residence and up to five acres of surrounding land is assessed at 4 percent. The tax liability on the property is determined when local government applies its millage rate to the assessed value. Personal property tax is collected annually on cars, trucks, motorcycles, recreational vehicles, boats and airplanes. Personal property is assessed at 10.5 percent of market value. Many states, rather than collect personal property taxes on cars, boats, etc., impose a higher registration fee that is comparable to South Carolina's property tax.