Tax Comparison: Bowman, SC vs Red wing, MN
Understanding Your Tax Burden
This page compares the three main types of taxes between Bowman, SC and Red wing, MN: property tax, income tax, and sales tax. Each of these has a different impact on your overall cost of living.
Property Tax Comparison
Property taxes are collected by local governments and used to fund schools, infrastructure, and other local services. They're typically based on the assessed value of your property.
Our property tax estimates are based on:
- U.S. median home value: $419,200 (2023 data)
- Local effective tax rates for both cities
Bowman, SC
$2,767
Based on a $419,200 home
Rate: 0.6600%
Red wing, MN
$4,459
Based on a $419,200 home
Rate: 1.0638%
| Data | Bowman, SC | Red wing, MN |
|---|---|---|
| Effective Property Tax Rate | 0.6600% | 1.0638% |
| Estimated Property Tax | $2,767 | $4,459 |
| Home Value Used | $419,200 | $419,200 |
Comparison: Property taxes in Bowman, SC are $1,693 lower than in Red wing, MN for the same home value.
State Income Tax Comparison
Income tax rates and brackets vary by state, impacting residents' overall tax burden. The estimates below are based on standard deductions and typical filing scenarios.
Our income tax estimates consider:
- Single filer: $100,000 annual income
- Married couple: $200,000 combined income
- Median income: $80,600 annual income
SC
0%-6.3%
Single: $5,580
Married: $10,044
MN
5.35%-9.85%
Single: $5,319
Married: $9,574
| Data | SC | MN |
|---|---|---|
| Tax Rate | 0%-6.3% | 5.35%-9.85% |
| Single Filer ($100k) | $5,580 | $5,319 |
| Married Couple ($200k) | $10,044 | $9,574 |
| Median Income ($80.6k) | $5,003 | $5,481 |
Comparison: Income taxes in SC are $478 lower than in MN for the median household income.
Sales Tax Comparison
Sales tax rates vary by location and can have a significant impact on your day-to-day expenses. These include state, county, city, and special district taxes that together form the total sales tax rate.
Our sales tax estimates consider:
- Average household taxable spending: $15,500 per year
- Combined state and local rates for both cities
Bowman, SC
9.000%
Combined rate
Annual sales tax: $1395
(Based on $15,500 spending)
Red wing, MN
9.875%
Combined rate
Annual sales tax: $1530
(Based on $15,500 spending)
| Data | Bowman, SC | Red wing, MN |
|---|---|---|
| State Sales Tax | 6.00% | 6.88% |
| Combined Sales Tax | 9.000% | 9.875% |
| Annual Tax Amount | $1,395 | $1,530 |
Comparison: Shopping in Bowman, SC costs $135 less in annual sales tax than in Red wing, MN for the average household.
Tax Comparison Insights
Tax Insights: Bowman vs Red wing
- Property Tax: Bowman has a 0.4038 percentage points lower effective property tax rate than Red wing.
- Income Tax: Living in SC could save you approximately $478 in state income taxes for a median household income.
- Sales Tax: The combined sales tax rate in Bowman is 0.88 percentage points lower than in Red wing.
Overall Tax Burden Comparison
Bowman, SC
$9,164
Combined annual tax burden
Property
$2,767
Income
$5,003
Sales
$1,395
Red wing, MN
$11,470
Combined annual tax burden
Property
$4,459
Income
$5,481
Sales
$1,530
Overall Comparison: Bowman, SC has an estimated $2,306 lower total tax burden than Red wing, MN based on our standard scenarios.
Important Tax Disclaimer
The tax information provided above is based on publicly available data and standard assumptions. Actual tax situations will vary based on:
- Individual financial circumstances
- Applicable deductions and credits
- Recent changes in tax laws
- Personal spending habits
- Local variations within cities and counties
This comparison is intended for general informational purposes only and should not be considered tax advice. For specific guidance regarding your tax situation, please consult with a qualified tax professional.