South Carolina Property Tax Exemptions

Have you recently purchased a home or a commercial property in South Carolina? Are you wondering what type of property tax exemptions are available in this state? You might have noticed the high costs of food, gas, and other essential expenses as inflation rates rise. And you want to decrease spending wherever you can.

If you’re looking for a homestead exemption or one for a commercial space, then you’ve come to the right place. In this guide, you will learn all about the South Carolina property tax exemptions available by county and the general tax laws in the state of South Carolina. 

Keep reading to learn what type of South Carolina property tax exemptions you may be eligible for.

South Carolina Carolina Property Taxes by County

South Carolina Carolina Property Taxes by County

First, you’ll love learning that the property tax rates in South Carolina are some of the lowest ones in the entire country.

The South Carolina Department of Revenue assists with the administration and collection of property taxes among local governments. Homeowners in South Carolina pay different real estate property taxes depending on the county they live in.

Each property tax bill has a different tax rate depending on the county. Which the South Carolina Association of Counties (SCAC) gathers.

In the state of South Carolina, the property tax rates by county are:

  • 0.59% in Abbeville County
  • 0.75% in Barnwell County
  • 0.62% in Calhoun County
  • 0.72% in Chester County
  • 0.70% in Dorchester County
  • 0.60% in Fairfield County
  • 0.53% in Georgetown County
  • 0.79% in Hampton County
  • 0.55% in Lancaster County
  • 0.62% in York County

Are you looking to figure out what your property tax bill is based on the county you reside in? Then you’ll want to use the South Carolina Property Tax Calculator. The average county tax rate is 0.65% for those who have legal residence in Clarendon County. Which makes the property taxes hit an annual fee of $1,625.

The value of your legal residence defines the general property tax rate that you will need to pay yearly. You’ll want to check the assessed value of your home through the assessor’s office.

South Carolina Tax Laws

South Carolina charges taxes for all who have a primary residence, a legal residence, or a commercial property in the state. The property tax laws also consider the fair market value of each home before defining a qualifying tax rate.

Tax purposes of these tax laws include paying for roads, schools, and other local projects. The county auditor’s office provides information on the laws surrounding property tax relief and eligibility for tax exemptions.

Some other South Carolina tax laws involve the regulations around personal income taxes and consumer taxes. 

More recently, South Carolina has a new income tax proposal. Governor Henry McMaster and state politicians introduced a new plan to reduce individual income tax brackets from 7% to 6% over five years.

The proposal will quickly bring the current income tax to 6.5% and then further decline the rate over the following several years. However, the tax reduction proposal will also lead to a loss of revenue totaling $1 billion. 

South Carolina Property Tax Exemptions

Any real property in South Carolina may become eligible for South Carolina property tax exemptions.  Including the typical mobile home with a motor vehicle. Any taxpayer or legal resident of South Carolina should see if they are eligible for property tax exemptions. 

Property tax exemptions are common among senior citizens. Also, if you are a disabled veteran, you should receive property tax exemptions in the state of South Carolina as well. 

There are also specific types of properties that are exempt from paying taxes, such as:

  • Religious entities like churches or synagogues
  • Government properties
  • Nonprofit organizations

Along with senior citizens and veterans, people who are eligible for the School Tax Relief program can also get a property tax exemption. On top of these exemptions, people with a low income may also become eligible for South Carolina property tax exemptions.

The homestead exemption program involves homeowners and taxpayers who use their house as a primary residence. An exempt property as part of the program allows a homeowner to protect a certain value of the primary home from taxes.

If you have personal property and are seeking a property tax exemption, you need to check the calendar year. And check whether your house is eligible for a homestead exemption.

Finding Out if You're Exempt From Property Taxes 

Finding Out if You’re Exempt From Property Taxes 

First, seek out information on your eligibility for the homestead exemption through the South Carolina Department of Revenue. You may very well gain the 6% tax rate exemption applicable for second homes, rental properties, and commercial spaces. 

You are eligible for the 6% exemption if:

  • You are using property that you acquired in 2020 as rental space, commercial property, or a second home 
  • The seller also used it for one of these three purposes

The county will also likely reassess your property if you bought it in 2020. And then tax at the real estate value of the property in 2021 going forward.

You do not need to apply for the 6% tax exemption every year. You only need to apply for it once. It gets reauthorized every year until the property is no longer eligible for the 6% ratio or until the property is sold.

You can even try to apply your property for a tax exemption status via the South Carolina Department of Revenue. You can choose two different property exemption applications:

You can apply in a number of ways. The free tax portal system, by mail to the address listed on the form, or in person at a Taxpayer Assistance Office.

There are specific requirements that the property needs to meet before tax exemption eligibility. For instance, if you can prove you will use the property as a place for nonprofit services, then you should gain a tax exemption.

In South Carolina, senior citizens can also gain property tax exemptions. Specific provisions are there for taxpayers and homeowners who are 65 years old and older and have lived in South Carolina for at least one year. The same benefits of property tax exemptions are available for a surviving spouse if the spouse who passed was 65 years of age or older.

The type of tax exemption available for senior citizens is the homestead exemption.

Conclusion

Essentially, you’ll want to figure out if you are eligible for property tax exemptions. You might also want to get out of the mortgage penalty in South Carolina in case you have missed out on a few mortgage payments.

Property tax exemptions NC or in SC will make your home much more likely to sell quickly. And give you a good price in the real estate market. If your home qualifies for property tax exemptions, then you should consider selling the place to cash home buyers in Rock Hill. Or possibly, companies that buy houses in Fort Mill.

So, if you want to make a good chunk of change from selling your tax-exempt property, you’re in luck. We buy homes in South Carolina, so contact us today.

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