RANKED PER CAPITA TAXES USA Average: $2,199
Source: US Census, December 2009
For more information on South Carolina taxes, please contact the SC Department of Revenue at 1-800-763-1295, or online at www.sctax.org
Sumter, South Carolina has one of the lowest per capita tax rates in the country, according to the US Bureau of the Census. The following state and local taxes generally affect our citizens:
Income Tax: South Carolina has a simplified income tax structure that follows the federal income tax laws. The state accepts the adjustments, exemptions and deductions allowed on your federal tax returns with few modifications. Individual income tax rates range from 2.5% to a top rate of 7%.
All residents upon reaching age 65 are eligible for a deduction of up to $15,000 from income, regardless of source. The $15,000 deduction must be offset by any other retirement deduction that is claimed. A surviving spouse may continue to take a retirement deduction on behalf of the deceased spouse.
South Carolina does not tax Social Security benefits or railroad retirement. Interest received from federal obligations is deductible.
Estate Tax: Sumter, South Carolina does not impose an Estate Tax or a Gift Tax.
Property Tax: The first $100,000 in fair market value of a primary residence is exempt from the portion of taxes that pays for school operating costs, resulting in an approximate 50% reduction in property tax. This revenue has been replaced by a 1% sales tax increase. The state provides for numerous property tax exemptions, including a homestead exemption of $50,000 from the property's assessed valuation that is available to residents who are 65 years of age and older, totally disabled and/or totally blind.
Sales & Use Tax: Sumter's sales tax rate is 8%, including local option and capital projects taxes. Unprepared foods (groceries) have a local tax of 2% and no state sales tax. Prescriptions, dental prosthetics and hearing aids are exempt from sales tax. Sumter residents age 85 and above are exempt from 1% of the state sales tax rate. Gasoline is taxed at 16 cents per gallon, one of the lowest rates in the country.