I'm considering moving to South Carolina to retire and I just found out that your state has a annual yearly property tax. Can someone explain to me how to calculate the yearly cost? I read that it's 6% of the vehicles value, but is there a cap?
As an example if I have a newer car that I'm bringing in from out of state when I move there, and the car cost me $100k, does that mean I have to pay 6% of the 100k which is $6k a year in taxes? That sounds incredibly high.
Is there any way to get an estimate of what the cost of the taxes will be on my vehicle? I’m in the process from moving back up here from Florida until I can buy a place in FL and Florida insurance is killer. Just trying to plan in advance what the cost will be to transfer states.