SC Real Estate Property Tax Discounts

Owner Occupant Rate

As a general rule in South Carolina, legal residences are taxed based on a 4% assessment ratio. Only owner-occupants are eligible to apply for the 4% special assessment. If the property has any rented residences on it or any business for profit, the 4% assessment does not apply. Investment properties are typically taxed at a higher rate – usually a 6% assessment ratio. However, you must apply to receive the lower owner-occupied rate. Check with your county’s Tax Assessors office for full details and see if you meet the qualifications of the 4% assessment ratio.

The Homestead Exemption

The Homestead Exemption is an exemption of taxes on the first $50,000 of Fair Market Value of your Legal Residence for homeowners over age 65, totally and permanently disabled, or legally blind.  If you think you may qualify for the Homestead Exemption, contact the County Auditor’s Office for full details of the reduction and information about the application process.

Gena Glaze