In light of the new tax rules, it’s increasingly valuable to consider the tax rates of the state you plan to live in during your retirement years. Living in a state with a higher taxes means that the newly announced cap in deductions of state and local taxes will have a greater impact on your tax bill than living in a state with lower tax rates. Ideal Living magazine explains:
“Because before the new tax rules, taxpayers who itemized could write off an unlimited amount of state and local taxes, But now, those deductions can’t exceed $10,000.
These change most affects taxpayers in states with high income and property taxes. So, you have two options: Lose all tax-deductions above 10 grand, or move to a state that is tax-friendly.”
Ideal Living went on to recommend 10 tax friendly states, including South Carolina. SC offers some of the lowest property taxes in the country, and its location on the east coast means you have your pick of both beach or mountain properties within its borders. However, before you choose one or the other, you may want to consider Aiken, SC. Aiken is approximately two hours from both the beach and the mountains and offers more reasonably priced real estate, as well as ample recreational and cultural activities, including nationally renowned golf courses and equestrian events. In fact, Aiken’s own Woodside Plantation is featured on Ideal Living’s list of recommended SC communities.
Read the entire article here. And if you have questions about SC tax rates, Aiken or Woodside, let the real estate agents at Aiken A Team be your guide. Call (803) 292-6779 or use our online contact form.
Joe Murphy, of Woodside-Aiken Realty, is one of Aiken’s most experienced real estate agents. He specializes in homes in Woodside Plantation as well as buying a home after retirement. Whether you are an Aiken, SC, native, new to the area, or looking for the best place to retire or downsize, contact Joe to discuss whether buying or selling in Aiken County might be the right fit for your family. Call (803) 292-6779 today.