Why You Need to Change Your Residential Tax Status Now!

I'm always surprised to learn how many home owners have either forgotten to or just don't know to apply for the lower tax rate in South Carolina. It's simple and easy to do , but if you don't apply for it, your tax rate will stay at the rate of 6% versus the 4% that a full-time resident is entitled to.

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 after you've settled on your property. 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.