The city of South Carolina, one of the wealthiest in the U.S., has one of America’s highest property taxes.
So why does Charleston pay nearly twice as much as neighboring Florida?
The answer may be simple: South Carolina’s median home value is $260,000, according to the latest real estate data from Zillow.
That’s $10,000 higher than Florida’s median.
But the difference between those two places is not nearly as big as you might think.
For one thing, South Carolina has a higher property tax base than Florida.
The state’s tax rate is 12 percent, compared with 8.5 percent in Florida, according the U, Florida Department of Revenue.
In addition, the state has a much larger economy than Florida, with a population of nearly 8 million.
The average median home price in South Carolina is $259,000 and is expected to go up over the next few years.
So, the cost of a home in South Carolinas is also more affordable than in Florida.
And, South Carolins homeowners have the opportunity to pay less in property taxes, as they do in other parts of the country, thanks to a property tax relief law that was passed in the state in January 2017.
But South Carolina still has a high property tax rate compared with other states.
In Florida, the rate is 10.5%.
But there are some caveats.
In the first quarter of 2018, South Dakota had the highest rate in the country.
The median home in the Sunshine State is now valued at $217,000.
But that rate dropped to $176,000 in the first nine months of 2019, according Toomey County Clerk Jim Taylor.
In comparison, Florida had a median home worth $219,000 at the end of September.
That means it is $10.7% more expensive than South Carolina.
South Carolina has also experienced an economic downturn in recent years.
The South Carolina Association of Realtors reported that the state lost nearly 1,600 jobs between 2016 and 2018.
That was followed by the South Carolina Chamber of Commerce reporting a similar number of job losses in the same period.
But, according South Carolina Economic Development Corporation, unemployment was only 7.4 percent in the South in 2017.
In 2018, the unemployment rate dropped slightly to 6.7%.
South Carolinas economy has also taken a hit.
According to the U., Florida had an annual GDP growth rate of 3.9 percent between 2016-2017.
This is about one-fourth of the South’s growth rate from the previous year.
So South Carolina had a much smaller job growth than Florida in 2017, and this is likely to continue in 2018.