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Texas does not have state income tax, whereas South Carolina does have state income taxes... I guess TX is balancing it through real estate tax
Yes, it's true Texas has no state income tax. However the state not only makes it up in extremely high property taxes, but on a vehicle you pay tax on the entire purchase price (unlike SC) which can be very high; the inventory taxes are high - even on small businesses; sales tax is 8.25% (I know, MB has higher, but trust me - we are not a tourist town ); car registration is high; license tags are high - I'm sure I have forgotten something, but having lived in SC for the majority of my life before moving here, I know the state income tax was not as high as what I pay now.
Plus, the property taxes are ridiculously high and if you live in the city and county, the tax bill is crazy. I'll be glad to leave for many reasons, but this one is right up there near the top!
I'd love to see a small $1000 tax bill. We are in the Hudson Valley of NY-our taxes this year for a 2000sq ft home on .29 is $7100. My one car-a Toyota Camry was $180 to register. My CDL license with P and S endorsement was $180. Our local tax is 8.25%. We are drowning here as there are no jobs. Hubby's job just cut everyone by .53 hour-so he's now under $10hr. His business he'd been in sold to another company and they let everyone go. So he has only a part time job. I work for a local school district as a school bus dispatcher. The medium income just to live in a 1 bedroom apartment here is now up to $65K. We make NO where near that. We have to stay for 2 more years until our daughter graduates high school. She's hoping for a school down south that she can get a Art Teacher degree with a sign language minor along with soccer-she's a goalkeeper. We are getting priced out of the place we were born and raised by NYC transplants. And it's not a good thing at all. Save us a spot down there please.
Real Estate (home) taxes are difficult to compare, there are so many factors.
Even in the same state, the county, town, and even local neighborhood can have significantly different real estate taxes (including water, sewer, schools, etc.) But from what I have seen, Horry county is relatively low, in general.
This example is on a Myrtle Beach Realtor web site:
Quote:
This example includes a home located in the unincorporated area of Horry County. (Qualified legal residence)
$125,000 Fair Market Value of home
x 4% Assessment Ratio (4% if qualified legal resident)
------
5,000 Assessed Value
x .2133 Countywide Millage Rate (County millage - 47.3, School-143.3, Fire-16.3, Waste Mgmt-6.4)
-----------
$1066.50 TAXES
-576.50 Tax credit - (5,000 Assessed @ .1153) School operations
------------------- $490.00 TAXES DUE
So figure a $250,000 house would be double or $980
My Taxes On Long Island this YEAR went up 800.00 alone last year 450.00 I'm now over 10,000 yr for very middle class neighborhood and 3 bedroom ranch on .50 acre cant wait to get out.
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