South Carolina Property Taxes are some of the lowest in the Country
Local governments assess and collect most property taxes. The market value of a legal residence and up to five acres of surrounding land utilizes a tax rate of 4 percent. Additionally, a local government applies its millage rate to the value, which determines The tax liability on the property. Importantly, millage rates vary from county to county.
South Carolina also allows a $50,000 homestead exemption on the fair market value of a home for residents who are age 65 or older, totally and permanently disabled, or legally blind.
- Berkeley County, South Carolina Property Tax
The median property tax in Berkeley County, South Carolina is $761 per year for a home worth the median value of $149,700. In addition, Berkeley County collects, on average, 0.51% of a property’s assessed fair market value as property tax.
- Dorchester County, South Carolina Property Tax
The median property tax in Dorchester County, South Carolina is $1,147 per year for a home worth the median value of $171,400. In addition, Dorchester County collects, on average, 0.67% of a property’s assessed fair market value as property tax.
- Charleston County, South Carolina Property Tax
The median property tax in Charleston County, South Carolina is $1,205 per year for a home worth the median value of $242,100. In addition, Charleston County collects, on average, 0.5% of a property’s assessed fair market value as property tax.
Additional Property Tax Information
Out of the 3143 counties in the United States, South Carolina ranks 1168th based on the median property tax amount that property owners pay. With one of the lowest median property rates, the SC property tax rate is only an average of 0.5 percent of real estate properties. Property assessment regarding the fair market value every year affects these rates.
On average, the yearly Charleston County tax paid by residents is approximately 1.89 percent of their annual income. This applies to real property tax, which can differ from how taxes are assessed on personal property tax from state to state.
How Does Calculating SC Property Tax Work
The annual property taxes for homeowners in South Carolina comes from assessed value and the local tax rate. This percentage is an assessment ratio. Above all, the ratio largely depends upon the property type.
For instance, a percentage of 4 percent applies to primary owner-occupied residences. A rate of 6 percent applies to non-primary residences. Reappraisal of properties is a requirement of local assessors located within their jurisdiction and must occur once every five years. In order for the proper assessment to take place, a reappraisal must occur in order to determine the full market value.
Determining Charleston County property taxes owed can be complicated. In other words, this process quite simply, cannot be narrowed down to one simplified tax rate. One of the most important factors to understand is just how SC property taxes are calculated. The amount of tax may differ depending upon factors such as district and homeowner appraisal value.
How Are SC Property Taxes Calculated?
In order to determine the amount you may owe on your property taxes, you must know your home’s assessed value. Similarly, it is important to understand the municipality and county mileage rate. Therefore, using an SC property tax calculator will quickly allow you to input information based on your home’s appraisal value. This information, combined with district and additional inputs, can help provide a tax estimate.
Serving communities in Summerville, the people-focused team at Martin Freeman Group specialize in providing you with information relating to SC property tax calculations, tips for saving, and helping you find the perfect home.
South Carolina Personal Property Tax
Personal property tax is collected annually on cars, trucks, motorcycles, recreational vehicles, boats, and airplanes. Personal cars, light trucks, and motorcycles are assessed at 6 percent of market value. If you own a $10,000 car today, for example, based on an average mileage rate, your annual property tax would be about $190.80. Other personal property is assessed at 10.5 percent.
**For informational purposes only.**
**Please verify any/all tax information with appropriate authorities for validity.**