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FOR YOUR INFORMATION
Real Property - All land and the buildings, structures
or improvements on that land.
Personal Property - All things other than real estate
which have value such as cars, trucks, watercraft, motorcycles,
aircraft, and items used in business such as furniture, fixtures
and equipment.
Fair Market Value - The amount for which property can
reasonably be expected to sell on the open market with a willing
buyer and a willing seller.
Assessment Ratio - The assessment ratio of owner occupied
residential property is 4%. Multiply your home's fair market
value by the assessment ratio of 4% to determine the assessed
value.
Assessed Value - An appraisal or fair market value
of real or personal property multiplied by the appropriate
corresponding assessment ratio equals the assessment or assessed
value. Assessed value multiplied by the millage rate equals
the amount of property tax due.
Millage Rate - The amount of mills levied in order
to meet the budget of a school district, county, city or other
political subdivision. One mill equals 1/1000 of a dollar
or 1/10 of a cent. If the tax rate is 194.9 mills, multiply
.1949 by the assessed value to determine the amount of property
tax due.
HOW IS MY PROPERTY TAXED?
The South Carolina Constitution provides for the following
ratios to be applied to the market value or use value of property
to arrive at the assessed value:
- Your home (legal residence). . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . .4.0%
- Second home (or any residential property
where you do not live) . . . . . .6.0%
- Agriculture real property (privately owned).
. . . . . . . . . . . . . . . . . . . . ..4.0%
- Agricultural property (corporate owned).
. . . . . . . . . . . . . . . . . . . . . .. .6.0%
- Commercial real property . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . ... .6.0%
- Manufacturing real and personal property
. . . . . . . . . . . . . . . . . . . . . .10.5%
- Utility real and personal property . .
. . . . . . . . . . . . . . . . . . . . . . . . . .10.5%
- Personal property . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .. .. . ..10.5%
- Railroads, airlines, pipelines (real and
personal property) . . . . . . . . . . . 9.5%
- Personal passenger motor vehicles. . .
. . . . . . . . . . . . . . . . . . . . . . .. 6.75%
- Business motor vehicles. . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .. . . 10.5%
HOW DO I GET THE BEST TAX RATE FOR MY HOME?
If you own a home, you want to be sure to obtain the
4% assessment rate if you live in the home and claim it as your
legal residence. Otherwise, your tax rate will be 6%. To obtain
the lower rate, you will need to complete an application with
the County Assessor.
This should be done as soon as you move into your home, but
may be filed anytime before January 15, when taxes are due.
Once you have filed this application, you will not need to complete
another one, unless there is a deed name change, or use of the
property changes.
ARE THERE ANY AVAILABLE PROPERTY TAX BREAKS?
For all homeowners - Each homeowner is allowed an exemption
up to $100,000 of the home's fair market value from property
taxes for school operating costs calculated on the school's operating
millage imposed for tax year 1995 or the current school's operating
millage, whichever is lower, which is considered the base year
millage. However, in years in which the values resulting from
a countywide reassessment porgram are implemented, the base
year millage must be adjusted to an equivalent millage rate.
This exemption applies only to your legal residence, not to
second homes, vacation homes or rental homes. No application
is needed for this exemption, it will automatically be reflected
in your tax bill.
Homestead exemption - If as of December 31 you were 65
years of age or older, or if you were totally and permanently
disabled or legally blind, and lived in South Carolina for at
least one year as of December 31, you may qualify for the homestead
exemption. The homestead exemption excludes the first $50,000
from the fair market value of your legal residence. Application
for the homestead exemption should be made at the County
Auditor's office. Call 803/541-1040 for information.
For certain military veterans that are 100% disabled
service connected, or law enforcement officers and servicemen
killed in the line of duty, paraplegics, quadriplegics and hemiplegics
- A house and one acre of land on which the house is located
is exempt from property tax for veterans who are totally disabled
from a service-related disability or for their surviving spouse,
for the surviving spouse of a military person or law enforcement
officer killed in the line of duty, and for paraplegics, hemiplegics,
quadriplegics or their surviving spouses. Application should
be made through the South Carolina
Department of Revenue. |
