If you’re moving to Charleston, or live here already, then we have some good news for you! South Carolina has some of the lowest property taxes in the country. The average effective property tax in South Carolina is a far lower rate than almost anywhere else in the United States. Why is the rate rate so low? Well, one part of the reason that owner-occupied residences have a lower assessment rate than commercial and second residences. Taxes on owner-occupied residences are less than those on other types of property. If you’re moving to Charleston, or just want a refresher, here’s the important information you should know about the Charleston property tax.
Want to know more about the Charleston property tax or any other helpful advice about living in South Carolina? Then call Infinity Realty. We make your moving process easier. We’ll help ensure your home buying experience is seamless. We can provide you the best tips on real estate in the Lowcountry. Contact us today, and let us help you find your perfect Charleston home!
The Important Things You Should Know About the Charleston Property Tax
As is standard, homeowners in South Carolina pay annual property taxes which are calculated from the overall value, or assessed value, of their property combined with the local tax rate. Assessed value is equal to a percentage of market value. The percentage, called an assessment ratio, depends on the type of property is being taxed. Owner-occupied, primary residences have an assessment ratio of 4%. Note that “owner occupied” status there, meaning you have to actually be living inside that property for the majority of the year. For non-primary residences, (think “beach house,” “summer home,” etc.) the rate is 6%.
At least once every five years, local assessors reappraise all property in their jurisdiction. They determine the full market value, and apply the assessment ratio to the property. If the appraisal determines that the property has increased in market value, the increase cannot go higher than 15%. However, the cap of 15% is lifted if the property ownership changes (if its sold or otherwise given away) or if the owner makes additions or changes to the property, such as a new garage.
Still confused? Well imagine your home was valued at $100 (it obviously is worth more but for the sake of easy numbers, let’s say $100). Assuming no major changes have occurred, the highest revalue the house can be assessed at is $115. Applying the assessment ratio of 4% to that $115, your assessed value would be $4.6. Tax rates apply to that amount. If you want another example, the Charleston county website offers this calculator card to break it down with more accurate numbers.
Want the Benefit of Living with a Lower Property Tax Rate? Call Infinity Realty to Help Find Your Charleston Home
When you begin your Lowcountry living experience, make a call to Infinity Realty today. Our team of experts led by Bob Chambers are some the most professional agents you’ll encounter, and will give you the easiest home-buying experience imaginable. We can help you determine your top priorities and find a place that accommodates both your tastes and your budget. Our staff knows the Lowcountry well and is acquainted with all of the facilities, resources, and services available in each community. We’ll make sure to fit you with a home you’ll love!