BEDDING — Inside the Home

North Carolina

Tax Benefits of North Carolina and South Carolina

North Carolina

North Carolina has an extremely user friendly tax system. For more information on North Carolina taxes, visit www.dornc.com is easy to use and complete with many different FAQ’s, and the toll-free information line (877-252-3052) has a great wealth of information for individuals looking for help with their taxes. In addition, North Carolina has steadily been increasing the number of filing options that can be carried out online. There are walk-in centers where tax-payers can go for assistance, located in many of the major cities.

North Carolina has a sales tax rate of 7%, except for Mecklenburg County, which has a rate of 7.5%, due to a higher local tax rate. Property taxes are based on varying millage rates, depending on the town, or municipality you live in. Great savings can be found here. In my "Ultimate Guide to Finding Your Best Place to Live in the Carolinas", I compare real estate taxes for 3 different priced homes, in 90 different towns in North and South Carolina.

North Carolina has 3 brackets for income tax, starting at 6% of the first $12,750 and moving up to 7.75% of anything over $60,000. Deductions in North Carolina for state income taxes are as follows: the standard deduction is $3,000 for singles, $5,000 for a married joint return. The public pension exclusion is $4,000 per taxpayer. If you’re receiving both public and private pensions, the private pension exclusion is $2,000 per taxpayer. Social Security benefits are fully exempt. In lieu of a state sales tax on automobiles, North Carolina collects a 3% Highway Use Tax, based on the assessed value of the vehicle.

South Carolina

According to the US Bureau of the census, South Carolina has one of the lowest per capita tax rates in the country. Maybe this is why so many people appreciate the Palmetto State. One of the perks of living and raising a family in South Carolina is that parents, guardians, or students can receive partial credit on tuition fees paid to a South Carolina university, up to $850. Another favorable exclusion South Carolina tax payers enjoy is that the first $100,000 valuation of a home is exempt from paying school taxes. For more information on South Carolina taxes, visit www.sctax.org, or call 803-898-5464.

South Carolina has a sales tax rate of 5%, but local governments can approve a local tax as well. The maximum for that addition is 2%, so the maximum sales tax in South Carolina is 7%. As in North Carolina, property taxes are based on a millage rate, which varies by state and municipality. In my "Ultimate Guide to Finding Your Best Place to Live in the Carolinas", I compare real estate taxes for 3 different prices homes, in 90 different towns in North and South Carolina. One of the perks of retiring to South Carolina is that there is a $50,000 homestead exemption on property tax for residents 65 and older.

South Carolina has 6 income tax brackets. They start at 2.5% of the first $2,280 earned, and rise to 7% of anything over $11,400. Exclusions include a public pension exclusion of $3,000 for residents under 65, and $10,000 for residents over 65. The same holds true for private pensions. South Carolina does not tax Social Security benefits.

Both states have a great quality of life, and favorable tax climates. Overall, South Carolina is cheaper than North Carolina. People interested in moving to either state should consult the sources of information listed, as well as a tax professional.

Visit www.PlacesOfValue.com for more articles on best places in North Carolina and South Carolina, relocation made easy, top retirement communities, cost of living, and designing and building your Dream Home.

To get your FREE REPORT on “Affordable Best Places In The Carolinas”, and find your Best Place to Live in the Carolinas: http: http://www.PlacesOfValue.com/page/best_places.php

About the Author

I've spent over 30 years finding the best real estate locations for major corporations. These companies have made hundreds of millions of dollars based on the locations I've selected.

I'm a professional real estate site locator and location analyst. During the last 5 years, I've been researching the growth of towns in North and South Carolina, for the relocation of my family.

I've studied hundreds of towns to find those areas which are still affordable, have a high quality lifestyle, and the potential for future growth.

My purpose is to share what I've found with you and help you find your Best Place to Live in the Carolinas.

Is furniture cheaper in High Point North Carolina or at the Room Store?

I keep hearing about Highpoint North Carolina but is their furniture really cheaper? The room store you can buy a nice sofa for about $800 but am I going to find lower prices in Highpoint, NC?

I live and own a furniture company in High Point( wholesale)
10 years ago furniture was still made in the USA but now the majority of all cased goods and leather furniture is imported from Asia and shipped by container to stores direct. I suggest buy local for these items because stores in High Point have no competitive edge to your local stores who buys containers. Some of the sofas and bedding are still made in the USA. What you can find in High Point are Furniture Market Samples that are usually sold at a great discount and there are In Home Delivery companies that will deliver it to you anywhere in the country for a surprising decent price.

Bizzare Creature Found In North Carolina Sewer

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This entry was posted on Wednesday, June 16th, 2010 at 3:26 pm and is filed under bedding. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.