Categories: BUSINESS & FINANCE

Property Tax Exemptions in South Carolina

Property taxes in South Carolina are assessed by the local counties, cities and school districts. Residential property taxes on the homeowner’s legal residence and up to five acres of land are assessed on 4% of the property’s value. Other residential property such as a second home is assessed at 6% of the value.

According to the South Carolina Department of Revenue, to be sure you get the 4% assessment rate on your home you need to file an application with your county assessor. You should do that as soon as you move into your home, but you can file it anytime before taxes are due on January 15. Once you file this application you do not have to file another one unless ownership changes or you use the property for a different purpose.

The local millage rates, which vary by location, are then charged on the assessed value to determine the tax liability.

Exemption

The first $100,000 of the fair market value of your primary residence is exempt from property taxes for school operating costs. A second home or vacation home would not qualify for this exemption. According to the South Carolina Department of Revenue, you do not need to file an application for this exemption – it will automatically be reflected in your property tax bill.

Exemption for seniors, disabled or blind homeowners

If you have resided in South Carolina for one year and are 65 or older, totally disabled, or legally blind you qualify for a $50,000 homestead exemption. You should apply for this exemption at your county assessor’s office. You can find links to County Websites on the South Carolina Association of Counties website.

Veterans

South Carolina homeowners who are veterans may qualify for a complete exemption from property taxes on their home and up to one acre of land. If you are totally disabled from a service-related disability you can claim this exemption. Surviving spouses of disabled veterans or of military persons killed in the line of duty, paraplegics, hemiplegics, and their surviving spouses also qualify for this exemption. You should file for this exemption through the South Carolina Department of Revenue.

You should complete Form PT-401. If you are claiming the exemption as a disabled veteran, you must attach a certificate of the 100% total and permanent service-connected disability with the effective date, signed by a veteran’s affairs or county service office.

Law enforcement officers and firefighters

Former law enforcement officers who are permanently and totally disabled as a result of a law enforcement service-connected disability, and former firefighters permanently and totally disabled as a result of a firefighting service-connected disability may also qualify for exemption from property taxes. If you qualify, you should file Form PT-401 with the South Carolina Department of Revenue.

A former law enforcement officer must provide a copy of the final order of total and permanent disability issued by the Workers’ Compensation Commission. A former firefighter must provide a statement of total and permanent disability from the Chief of the Fire Department and medical doctor, with the effective date.

Sources:
Application for Exemption Instructions – South Carolina Department of Revenue
County Websites – South Carolina Association of Counties
Form PT-401 – Application for Exemption – South Carolina Department of Revenue
Moving to South Carolina – Tax Guide for New Residents – South Carolina Department of Revenue
Property Tax – South Carolina Department of Revenue
Property Tax Guide – South Carolina Department of Revenue