Not sure how to navigate property tax in your home state of South Carolina? This article will help you find the information you’re looking for. Understanding the value of your real estate or residential home is important and can vary greatly depending on where you reside.
The property tax rates in Fort Mill, South Carolina, are one of the lowest in the country, which can change depending on which county you’re in and your property value. There are also different ways to pay it. You can use fixed rates and pay with a mortgage company or pay it yourself to the town/county government.
If you find it difficult to figure out your property value, you should have a tax assessor come to your home. It is important as a real estate owner to know more about property tax, what those rates will look like and what exemptions you may be eligible for. Look no further than this article to learn more about the South Carolina property tax process and the cost of living in SC.
Property Taxes in Fort Mill, South Carolina
To calculate property tax, there is a simple calculation to follow. It is calculated by the appraised value of the home x assessment ratio x millage rate. In addition, there are a few County departments you can access that play a role in your property tax rates.
If you have questions about specifics in your town, it should be easy enough to contact your local government. While there, You can inquire more about local taxes and what that might change depending on home value.
For Fort Mill, South Carolina, specifically, you can use the “York County SC Assessor’s Office to appraise your property. Additionally, the York County SC Auditor is responsible for listing and assessing the personal property for ad valorem taxation. Finally, the York County SC Treasurer/Finance/Tax Collection is responsible for collecting your tax payments.”
The property taxes in Fort Mill are some of the lowest in the country. The average rate is only 0.55%, far below the national average of 1.07%. Property taxes are about $1,375 annually.
Depending on your mortgage rate and which company you use, the rate and monthly payments may fluctuate. Taxes are also lower for owner-occupied residences than commercial and second residences because they benefit from a lower assessment rate.
The rate for owner-occupied m residences is 4%, while the rate for non-primary residences is 6%. Tax rates are expressed in mills, equivalent to $1 of tax per $1,000 in assessed value. South Carolina’s average mill rate is between 300 and 350 mills.
Fort Mill Property Tax Exemptions
There are a few property tax exemptions that you may qualify for, which is a great benefit to those who can’t afford their property tax payments due to extenuating circumstances.
The categories of tax exemptions are as follows: the senior citizen’s tax exemption or homestead exemption, the surviving spouse benefit exemption, disability, military exemption, vehicles exemption, marine equipment exemption, and manufacturers exemption.
Homestead Exemption
The Homestead Exemption is a total exemption of taxes on the first $50,000 in Fair Market Value of your legally owned residence. It is available for any homeowner over 65 who is legally blind or permanently disabled.
To qualify for this exemption, you must meet the following requirements:
- You are holding a complete fee title to your main legal residence or life estate to your main legal residence, or you are a trust beneficiary that is holding a title to your main legal residence.
- You have been a property owner and a South Carolina legal resident for at least one year, preceding tax exemption filing on December 31st.
- You must be one of the following as of December 31st of the year preceding tax exemption:
- 65 years old
- Disabled and require federal authorization to make this decision
- Considered blind by law and by a licensed ophthalmologist
To apply for Homestead Exemption, contact your County Auditor’s office to receive assistance with the application and any questions.
Property Tax Exemptions for Seniors and the Disabled People
Property tax exemptions are also available for seniors and those who are disabled. To be eligible for this form of exemption, you must be 65 years or older and have lived in South Carolina for at least one year. Additionally, if you are a surviving spouse of a deceased spouse who was 65 or older, these benefits are usually available to you, as well.
As the surviving spouse, you must be 50 years of age or older and fall under the Homestead Exemption category. To apply for this property tax exemption, you must go to your county auditor’s office by July 15th of the year in which it was initially claimed.
If you cannot go yourself, you can give authorization to someone else to complete the application for you. You must also provide proof of how old you are, such as a birth certificate, Medicare or Medicaid card, or driver’s license.
Property Tax Exemption for Disabled Veterans
A veteran that is disabled, or their surviving spouse, may also be eligible for property tax exemption on up to 5 acres of land and a house. To be eligible for this, they must be completely and permanently disabled due to service.
The surviving spouse is exempt for one vehicle registered in their name and has a real estate or home exemption if, at the time of the veteran’s death, the surviving spouse acquires sole ownership in fee or for life from the deceased veteran.
To apply, you must fill out an application and provide the following documents:
- A VA letter certifying you are totally and permanently service-connected disabled with the effective date.
- A copy of the SC registration card, SC bill of sale, or SC title for vehicles. For vehicles registered or purchased out of state, you must pay the taxes upfront.
- A copy of the recorded deed and an approved proof of legal residence from the county assessor’s office for home and land.
- A marriage certificate if home or vehicles are owned jointly with a spouse.
Other Property Tax Exemptions in South Carolina
A few more property tax payment exemptions in South Carolina that you may qualify for are as follows: Marine equipment tax exemption, vehicle tax exemption, and manufacturer’s exemption.
Marine equipment may be tax-exempt if the property value is $500 or less or if you are on active military duty and claim another state as your home of record. Boat trailers are also no longer taxed, and the taxpayer may acquire a license tag from the Department of Motor Vehicles for the trailer to be taken across SC state lines.
There are a few reasons why a vehicle may be tax-exempt. First, as with many other tax exemption policies, the property owner must be a disabled veteran or the veteran’s spouse if the vehicle is jointly owned. To apply for this exemption, you will need your qualification letter from the Department of Veteran Affairs and complete this form at the SCDOR.
For a vehicle tax exemption, you may also be a POW, a Medal of Honor recipient, or require the use of a wheelchair and can be exempt for up to two vehicles. For the vehicles to be totally exempt, only lease companies and spouses can be on the title.
A manufacturer’s exemption requires that any new manufacturer’s establishments be exempt from the county or local real estate taxes on the property for five years after being established.
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Overall, South Carolina has a low rate of property tax in Charlotte, and there are many ways you can apply for tax exemption. You can look up your houses’ value online or see your local appraiser and find out what your home value will be. Then, contact companies that buy houses in Fort Mill to begin your sale. For example, at Tiffany Property Investments, we buy houses in South Carolina.
If there was ever an easier place to live and receive property tax assistance, it would be Fort Mill, South Carolina. The county has many exemption options and allows you to save money on your property tax bill.