South Carolina Property Tax | Determine your Tax Bill

Posted By: Brian Hunt In: Real Estate
Date: Fri, Jul 31st 2009 3:41 pm

South Carolina Real Estate Tax Information

If you own real estate in South Carolina you are probably aware of the annual property tax that gets sent to your billing address each year.  I've always found it a little confusing so below you will find the formula to determine the amount due for your annual tax bill.  A few things that are essential before you rack your brain...

1. Fair Market Value - determined by the county. Check your tax bill by tax map number or your County Website
2. Millage Rate -  or 'mills' (make sure the decimal is in the correct place in the formula for Millage. example: 234 mills should be .234)
3. Assessment ratio -

• Owner Occupied or Primary Residence 4%
• Secondary home or rental unit 6%
• Agricultural Property 4% (personally owned)
• Agricultural Property 6% (corporate owned)
• Commercial Real Property 6%
• Utility or Manufacturing property 10.5%
• Personal Property (Cars, Boats, etc.) 10.5%
• Motor Carriers, Railroads, Airlines and Pipelines 9.5%

 
FORMULA

(Fair Market Value) X (Assessment Ratio) = Assessed Value

(Assessed Value) X (Millage Rate) = Total Taxes due

 

More information can be found here (pop-up)
Think taxes are unfair? Email your Legislature with a pre-filled email from www.Stoptax.org.

 

 

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