Paying Property Taxes in the State of South Carolina

If you own property in the state of South Carolina, then you are obliged to pay state property taxes on the value of that property. These funds are necessary to maintain the budgets of public institutions such as schools, hospitals, police stations, fire stations, and public libraries. Normally, the property tax rate is dependent on the public institutions budget expenditures. The difference in tax rates according to different localities can vary greatly. The property tax rate is also raised all in the property value and a factor called the millage rate. The property value is normally evaluated by the local tax assessor's office by comparing the property to current market value. This process is done every five years depending on local statute.

When creating the local budget for a municipality, basic supply and demand considerations are used to determine budgetary needs. This means the budget requirements of public institutions in the future gives government officials and idea of the property tax rate needed to be collected by its citizens. This planning also helps to determine the value of the millage rate, which can also be changed at any time after a general government meeting. This meeting is conducted with members from various counties which gives a clear indication about changes in this particular value and its future status.

When doing basic statistical comparison between property tax rates in South Carolina and that of other states, it has been said that South Carolina has the 44th highest property tax rate. A particular property that is valued at approximately $11,300 will yield a tax rate of approximately 3%.

During the process of property value assessment, you may determine that your home's value has been assessed for more than you expect. You can put forward a proposal to the county tax assessor for reassessment. If this process is unsuccessful, you will end up paying more in property taxes than you may have anticipated. Homestead exemptions in the state of South Carolina are given only to residences that have lived in by a taxpayer. Taxpayers above the age of 65, as well as residents that may be blind or disabled are eligible for an extra tax exemption. There are currently no taxes for military personnel who have given their lives in times of war, as well as citizens who are paraplegic or quadriplegic. For more detailed information, contact your local county tax assessor's office.