Wednesday, June 14, 2006
Retirees get more life for their BUCK in Orangeburg, South Carolina
Comparing the tax burden of different states, families with an annual income of $60,000 will pay, per individual:
$1,518 - South Carolina
$2,434 - Georgia
$3,330 - North Carolina
$3,424 - Florida
In a cost of living comparison, South Carolina real estate market prices are consistently ranked 3% to 10% below the national average. Only in Hilton Head do prices exceed the national average by 3.6%.
As for property taxes (which are soon to be radically changed under new state laws), a $200,000 home is taxed as follows:
$1,275 - Camden (lowest in SC)
$3,032 - Newberry (highest in SC)
$2,000 - SC average
Another advantage for SC retirees is that their social security income is not taxable under state law. Social security income is taxable under federal law in all 50 states.
Communities like Aiken have become hot spots for retirees, particularly the half-backs ("half-way" back to the Northeast after moving to Florida) and horse lovers who are tired of the Florida hurricanes.
REALTORS would do well to market what South Carolina has to market retirees - LOWER TAXES and HIGHER QUALITY OF LIFE. The retiree market (presently dominated by the baby-boomers) is a growing niche market that is not impacted by the ups and downs of the stock market, interest rates, or the overall housing market. Retirees have a positive impact on all markets and the SC economy in general. "Sieze the Day!"
$1,518 - South Carolina
$2,434 - Georgia
$3,330 - North Carolina
$3,424 - Florida
In a cost of living comparison, South Carolina real estate market prices are consistently ranked 3% to 10% below the national average. Only in Hilton Head do prices exceed the national average by 3.6%.
As for property taxes (which are soon to be radically changed under new state laws), a $200,000 home is taxed as follows:
$1,275 - Camden (lowest in SC)
$3,032 - Newberry (highest in SC)
$2,000 - SC average
Another advantage for SC retirees is that their social security income is not taxable under state law. Social security income is taxable under federal law in all 50 states.
Communities like Aiken have become hot spots for retirees, particularly the half-backs ("half-way" back to the Northeast after moving to Florida) and horse lovers who are tired of the Florida hurricanes.
REALTORS would do well to market what South Carolina has to market retirees - LOWER TAXES and HIGHER QUALITY OF LIFE. The retiree market (presently dominated by the baby-boomers) is a growing niche market that is not impacted by the ups and downs of the stock market, interest rates, or the overall housing market. Retirees have a positive impact on all markets and the SC economy in general. "Sieze the Day!"
