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Are South Carolinians Over Taxed?

Are South Carolinians Over Taxed?. Ashley Brinson . South Carolina Tax Comparison:. South Carolina was compared to five states within the United States when making a determination of over taxation.

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Are South Carolinians Over Taxed?

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  1. Are South Carolinians Over Taxed? Ashley Brinson

  2. South Carolina Tax Comparison: • South Carolina was compared to five states within the United States when making a determination of over taxation. • Comparisons were based on states with similar populations, states discussed frequently in class, and one at random. • Taxes analyzed in this comparison include; state sales tax, gasoline tax, cigarette tax, and property tax.

  3. State Populations:

  4. Comparison of gasoline tax: * Based on 2011 taxes

  5. Gasoline Taxes; April 2010

  6. Comparison of cigarette tax: * Based on 2011 taxes

  7. State Cigarette Excise Taxes -- United States, 2009

  8. Comparison of sales tax: * Based on 2011 taxes

  9. Sales Tax; September 2009

  10. Property Taxes: • Alabama – • The state does not collect taxes on personal property such as boats and computers. Each city and county may levy has its own millage rate. Homeowners 65 and older are exempt from all state property taxes.  • Arizona – • There is no state property tax.  Tax jurisdictions set tax rates, which may vary considerable from one area to another. Property tax is administered by county assessors.  Single homeowners 65 and older who earn less than $3,750 and married couples who earn less than $5,500 are eligible for a tax credit of up to $502.  • Louisiana – • Taxes are assessed and collected at the local level -- 64 parishes and 7 municipal districts.  The Louisiana State Tax Commission has a regulatory role regarding property assessments.  Property assessments are based on 10% of the fair market value of the property.  Homeowners receive a homestead exemption in the amount of $7,500

  11. Property Taxes Cont’d: • Michigan – • Property in Michigan is generally assessed at 50% of its true cash value. Some seniors, disabled persons, veterans, surviving spouses of veterans and farmers may be able to delay paying property taxes.  It depends on the county of residence and your income level. • New York – • Property taxation is limited to real property.  New York State law gives local governments and public school districts the option of granting a reduction on the amount of property taxes paid by qualifying senior citizens.  This is accomplished by reducing the assessed value of residential property owned by seniors by 50%.  .  If a person's income is more than $29,000 but less than $32,400, the exemption is 5%. 

  12. Property Taxes Cont’d: • South Carolina – • South Carolina imposes a casual excise tax of 5% on the fair market value of all motor vehicles, motorcycles, boats, motors and airplanes transferred between individuals. Property tax is assessed and collected by local governments.  Both real and personal property are subject to tax. The market value of a legal residence and up to 5 acres of surrounding land is assessed at 4%.  For homeowners 65 and older, the state's homestead exemption allows the first $50,000 of their property's fair market value to be exempt from local property taxes. 

  13. Average Teacher Salaries

  14. Findings of Tax Comparisons: • Based on information from various sources it is concluded that South Carolinian’s are not over taxed. • Many taxes implemented throughout the state are geared towards tourists and are not a direct imposition on residents. • Residents of the state may feel over taxed, or unfairly taxed, however it is simply not the case.

  15. References: • en.wikipedia.org • www.census.gov • nces.ed.gov • http://retirementliving.com/RLtaxes.html

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