State Taxes: Northern vs. Southern Property Taxes

 

Do your state property taxes have you pinching pennies? Think about moving to Charleston, SC!

Higher Property Taxes Up North

One of the biggest similarities I see in retirees are their feelings about state tax rates. Active adults and seniors from the Snow Belt are moving down south because property taxes are so much cheaper down here.

Northern property taxes vs. southern property taxes are astronomically different and a move to gorgeous Charleston, SC can actually save you thousands of dollars in property taxes a year!

Case in point: In 2016, South Carolina ranked #5 in lower taxes compared to NJ which ranked #51, IL at #50, CT at #46 NY at #41, and PA which stands at #39! Even the state of Florida came in at #30 which isn’t too far off from those northern numbers.

See below for the 2016 state real estate tax chart for a side by side comparison of tax rates by state:

 

                                                                                                                      Source: WalletHub

 

As you can see South Carolina’s property taxes are some of the lowest you’re going to find.

Why Retire in Charleston, SC?

Besides lower property taxes, Charleston, SC is one of the most amazing cities in the world. Don’t believe us? Just ask Travel & Leisure magazine who not only ranked us as the Best City in the Nation, but also the World!  

Charleston has an eclectic mix of history, beaches, culture, and shopping as well as an array of inexpensive adventures you can enjoy with your family and an ever growing list of restaurants which will make you feel like you’re close to home.

Lower Your Property Tax Rates

If you’ve ever found yourself crunching numbers and barely scraping by because of high property taxes, retiring in a state with lower state tax rates may just be your saving grace.

With 55 new families moving to the Lowcountry every day and mortgage rates at an all time low, now is the time to snowball your efforts and roll yourself down south.

Interested in checking out or touring some active adult, retirement communities in Charleston, SC or viewing listings in the Charleston MLS? Give me a call or sign up for my mailing list, and I’ll be in touch ASAP!

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