South Carolina extends its Southern hospitality to retirees: The Palmetto State does not tax Social Security benefits, and it allows residents 65 and older to deduct up to $15,000 per person ($30,000 per couple) of qualified retirement income when calculating their state income tax. Retired military personnel 65 and older may deduct up to $10,000 of military retirement benefits. Property taxes are very low and are based on 4% of fair market value; homeowners 65 and older qualify for a homestead exemption that excludes the first $40,000 of the home’s value.
For the full article click the link: Guide to Taxes on Retirees, 2009–2010
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