Wednesday, June 30, 2021

SC Real Estate Property Taxes

The South Carolina "Legal Resident Discount" provides for lower property taxes on owner-occupied primary residences (not rental property or second homes) by lowering the assessment ratio from 6% to 4% and removing the school operating portion of the tax bill. 

This is separate from the HOMESTEAD EXEMPTION (https://dor.sc.gov/lgs/homestead-exemption), which is a complete exemption of taxes on the first $50,000 in Fair Market Value of your Legal Residence for homeowners over age 65, totally and permanently disabled, or legally blind. (I believe there is currently a bill in committee to increase the exemption to the first $100,000.)

To qualify for a Homestead Exemption, you must be a legal resident of South Carolina for at least one year on or before December 31 of the year prior to the exemption.  Example: If you become a resident between January 1 and December 31, 2020, you will qualify in 2022. If you become a resident in January 2021, you will not qualify until 2023.

You must apply for the Homestead Exemption at your County Auditor's office. If you are unable to go to the Auditor's office, you may authorize someone to apply for you.
If you change the title on your home (for example, to a trust) you need to make sure you notify the assessor to continue to get the "Legal Resident Discount."  

This is general information available from various online sources.  Please confirm your tax status with the country assessor, an attorney,  and/or a tax advisor.

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