Written by Shannon Stewart
Okay, first and most importantly, we are Real Estate Professionals...not financial or tax experts! Always consult with your tax and financial professionals for the absolute latest and most accurate information, especially before making any big moves! That said, some of the most frequently asked questions the RE/MAX Team receives are about the cost of living, taxes, and fees in McCormick County. We have pooled our resources to build this general go-to summary for your convenience. Beware: lots of numbers ahead, so grab that cup of coffee and dive in!
Savannah Lakes Village Fees
POA fees are $143 per month. Includes access to all facilities; usage fees are a la carte. Please check the SLV Rates Sheet for 2022 to learn more about golf plans, tennis & pickleball plans, fitness center options, bowling, etc. SLV RATES SHEET
Property tax is relatively low in SC compared to many other states. Residents pay millage on 4% of the assessed value of their property. Millage rates vary by county. In McCormick County, the estimated property tax for a home with an assessed value of $300,000 is $2,175.50 for full-time residents. In SC, the homestead exemption is available to residents 65 and older after one full year of residency. The property tax with homestead exemption for the same home with $300,000 assessed value is $1,826.25. MCORMICK COUNTY TAX RATES SHEET
SC state income tax is 0-7%. Someone with a taxable income of $50,000 pays $2,957 in state taxes. Any income over $100,000 is taxed at a rate of 7% minus $529. SC income tax table here: SC TAX TABLE
SC does not apply state tax to social security.
401k and pensions are partially taxed with a number of exemptions available ($3,000 per person per year if under 65; $10,000 per person per year if 65 or older).
Military retirement income is partially taxed (exemptions as much as $30,000 depending).
Sales Tax: SC sales and use tax is 6%.
**Please consult with your Tax Advisor and a Financial Advisor regarding all state tax information listed here and whenever you are planning big moves! We are real estate professionals--not tax professionals! More general tax info is available on the SC Department of Revenue info site: SC DEPARTMENT OF REVENUE FAQ
Monthly Bills (electric, phone, wifi, water, sewage, etc)
Utilities (Little River Coop)
Most folks who relocate to our area are pleasantly surprised by a drop in their electric bill. Individual bills vary depending on how one sets their thermostat and how often laundry is done. The average bill for homes ranging from 1600 to 2900 square feet last year was $90 to $175 per month. See our table below of four homes with varying square footages and build dates for more detail.
County water and sewage
Bills average $50 to $80 per month depending on usage and outdoor irrigation. Sewage is included in this average. See our table of four homes with varying water usage for more detail.
Fireplaces and firepits in the village operate on propane. Some homes also have gas stoves. There are several propane providers and the prices vary.
Our local landline provider is WCTel. Plans start at $18 per month before taxes and fees. See complete pricing and features here: WCTEL landline phone
Cell Phone Services: The best cell phone service in our area by far is Verizon and their wifi calling is a must for residents living in the more remote parts of the village.
Fiber Optic Broadband
West Carolina (WCTel) provides service to Savannah Lakes Village. With more customers streaming TV and dropping cable, WCTel offers several levels of service ranging from $50 per month (250 Mbps) to $80 (1 Gbps). Wifi services are an additional $5 (standard) to $16 (premium) per month. MORE WCTEL BROADBAND INFO
Cable TV and or Satellite Dish
Both are available. Prices vary according to channels, etc. Fees are in line with national averages.
Questions? Call us! We would love to hear from you. 864-852-6382