States Attract Retirees With Favorable Taxes
States are wooing retirees with tax breaks. On average, retirees pay only half the state income tax levied on working-age people, according to researchers at the University of New Hampshire and Georgia State.
Seven states — Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming — don’t tax personal income at all. New Hampshire and Tennessee tax interest and dividends but not other income. Still, these states may not offer the best total deal for seniors because other states have crafted special programs that reduce taxes and fees across the board.
Considering everything, here are the states that tax experts say offer the best deals for residents older than 65:
1. Georgia
2. Pennsylvania
3. Mississippi
4. Illinois
5. Michigan
6. Kentucky
7. New York
8. South Carolina
9. Delaware
10. Louisiana
Source: Forbes, Ashlea Ebeling (06/28/2010)
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Aid Expanded to States Hit by Unemployment
The U.S. Treasury Department on Monday expanded its aid for states that have suffered the most severe declines in home prices and the highest unemployment.
This second round of funding from the Troubled Asset Relief Program (TARP) will go to North Carolina, Ohio, Oregon, Rhode Island, and South Carolina.
The states are expected to share $600 million. The money will come from funds already allocated to Home Affordable Modification Program (HAMP), a subset of TARP.
The states selected for this second round are not necessarily states where home prices have fallen the most. Some skeptics have suggested that this round of aid is political payback for lawmakers that supported the White House in its push for healthcare reform.
Source: Reuters News, Corbett B. Daly (03/29/2010)
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SC is one of the happiest states in the country
South Carolina is famously known for its smiling faces and beautiful places but with record high unemployment and an unfaithful governor, you would think some resident’s spirits would be broken.
But that’s not the case, at least according to a new study ranking South Carolina one of the happiest state’s in the country. In fact- the palmetto state finds itself at number eight on the list.
Chip Prezioso is happy that South Carolina ranked so high because his business depends on it.
“I was born in South Carolina, I love South Carolina,” said Prezioso.
Prezioso owns the South Carolina Shop on Columbia’s Rosewood Drive. In 1987 he had the vision and foresight to trademark the state’s famous palmetto tree emblem and business has been booming ever since.
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S.C. home sales increase 13% in June
The number of homes sold in South Carolina has risen for the second-straight month. Nearly 4,200 homes were sold in June, an increase of 13% compared with May, according to the latest report from the S.C. Association of Realtors.
In May, home sales totaled 3,704, which was an increase of 16% over sales in April.
June’s figures also represent the best year-over-year showing so far in 2009, with an 11.3% drop compared with June 2008 numbers.
Of the 15 regions reporting home sales for the association, 14 reported an increase in sales compared with May. The only area that reported a loss was the Southern Midlands Association of Realtors. It sold three more homes in May than it did in June, according to the report.
Of the state’s three major metropolitan areas, Charleston posted a 9.4% increase in June sales compared with May, Columbia saw a 10.5% increase and Greenville had a 13.3% increase, the report said.
The median price of homes in South Carolina was $147,000, up from $142,000 in May. The average number of days a home was on the market was 144, down from 155 in May. More Details
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Court halts thousands of foreclosure sales
COLUMBIA — South Carolina’s highest court on Tuesday temporarily stopped thousands of pending foreclosure sales in the state to give homeowners more time to take advantage of a new federal program to help them refinance mortgages.
The injunction – which mortgage experts said appeared to be the nation’s first court-ordered stop for an entire state – prevents judges in South Carolina from finalizing foreclosure sales on properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that has signed on to a federal assistance program.
RealtyTrac Inc., a foreclosure listing firm, says the ruling could affect 5,000 S.C. homes facing foreclosure.
The ruling was in response to a request from a Columbia attorney representing Fannie Mae, who had argued that it was necessary to keep homeowners who might be eligible for federal assistance from being shut out of the process.
“Absent the injunction, mortgagors eligible for relief … could be denied their right to participate because their property was sold at the foreclosure sale,” lawyer Ronald Scott wrote in his three-page motion. “This qualifies as irreparable injury for which the court should provide redress in the form of a temporary injunction.”
Fannie Mae said the ruling was necessary because of a South Carolina law meant to ensure that foreclosures sales are conducted in a timely fashion. Under the law, judges can cancel a foreclosure case and start over if the sale is delayed for too long.
The company argues that South Carolina’s law gives lenders an incentive to speed up foreclosure cases because of the threat the process could be restarted, which would cost lenders more money. More Details
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S.C. foreclosure laws, tenants rights and eviction laws
South Carolina uses a judicial foreclosure process. To begin the process, a lender must file a notice of pendency (lis pendens) against the homeowner with the clerk of the county in which the property is located. If the debt is not satisfied within the time specified by the court, the lender may file a Notice of Foreclosure. The lender must personally serve the homeowner with the Notice of Foreclosure.
The court then gives the homeowner an additional amount of time to pay the debt.If the homeowner does not pay the debt, the court can then render the judgment against the borrower and at the same time enter an order of sale of the property.
Once the sale is scheduled, a Notice of Sale must be sent to the owner. The Notice of Sale states the date, location, and other details of the sale. The Notice must also be posted at the county courthouse and published in a local newspaper once a week for 3 weeks up to the sale.
Once the sale occurs, the owner has 30 days to get an appraisal for the property. If the appraisal is higher than theamount that the property sold for at the auction, the appraisal value will be substituted for the high bid amount. The borrower remains personally liable for any amount still owed after the foreclosure sale.
Tenants have no legal rights in foreclosure proceedings and no right to notice and time frame.
Eviction Process
South Carolina does not specifically outline tenant’s rights in a foreclosure proceeding. In general, a landlord may bring an action against a tenant by applying to a magistrate in the following situations:when a tenant fails to pay rent when it is due, when the term of the tenancy or occupancy has ended, and when the terms or conditions of the rental agreement have been violated.
A landlord must first deliver notice to the tenant that an eviction has been sought (this is called a Rule to Show Cause).The Rule to Show Cause will contain information regarding the case.
A tenant will have 10 days to answer the charges the landlord has made against the tenant, and a hearing will be set to adjudicate the case.
In the event the tenant loses the case before the magistrate, a Writ of Ejectment will be issued within five days of the hearing that sets forth the date the tenant must vacate or else be removed by the sheriff.
Eviction Timeframe
Because a hearing is required to effect an eviction, the timeframe is likely to vary from case to case.
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Exhibit looks at dwindling architecture.
Explore the sites, tastes and sounds before, during and after the Great Depression in South Carolina during “Abandonment and Rediscovery: The Vanishing Architecture of Central South Carolina,” an art exhibit presented by the Rivers, Rails and Crossroads Discovery Center beginning Saturday, Feb. 28 from 11:30 a.m. until 2 p.m.
The drop-in reception includes a meet and greet with the artists, Southern-style refreshments, blues harmonica player Walter Liniger and local Barnwell County resident Barbara Still will speak. The art exhibit features paintings by Janet Kozachek and photographs by Nathaniel Wallace, both local artists. The artwork includes historic buildings in South Carolina, including the Shamrock Hotel in Blackville. Full Story.
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Census report shows number of SC farms increasing
CHARLESTON, SC (AP) – A new national report shows more farms in South Carolina than at any time during the past three decades.
The 2007 Census of Agriculture, which surveys agriculture every five years, was released Wednesday.
It shows almost 25,900 farms in South Carolina. The last time there were that many was back in 1978.
Rhonda Brandt of the National Agriculture Statistics Service in Columbia says the number follows national trends showing a 4 percent increase nationwide in the number of farms.
But the average farm now is smaller. The average size of a farm in South Carolina back in 1978 was 226 acres. In 2002 it was 197 acres and now it’s only 189 acres. Full Story.
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Keynote speaker touches on equine industry impact
1/17/2009 12:01 AM
CAMDEN — It was a chance to learn about the importance of the state’s equine industry, and how individuals can make a difference. This weekend’s Equine Industry Conference served as a forum for people who are involved with equestrian activities to s … full story
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