One aspect of home ownership that is often overlooked is property taxes. While the effective property tax rate in South Carolina is relatively low, failing to prepare for property taxes until they come due can be an unwelcome surprise.
At Blackacre Law LLC, our attorneys help real estate buyers in Greenville and throughout South Carolina with all aspects of their purchase, including a thorough explanation of how they may be affected by property taxes — and what they can do to take advantage of exemptions that are available to some property owners.
Don’t End Up Paying More Than You Have To
Property in South Carolina is automatically taxed at a 6 percent property tax rate. However, if the property is being used as your primary residence, you are eligible for a 4 percent tax rate. It doesn’t sound like a lot, but this can be a huge reduction in the property taxes that you pay each year.
There are additional exemptions that you may qualify for to get a further reduction in your property taxes. For example, you may qualify for a homestead exemption if you are age 65 or older. There are also exemptions available if you are a veteran or have a permanent physical disability.
To receive any exemption, including the 4 percent tax rate for your primary residence, you must submit an application with your county. You will also need to have your driver’s license and vehicle registration reflect the property address to obtain these exemptions. The application process will be reviewed with you at your closing, but the attorneys at Blackacre Law LLC are always happy to discuss your property tax situation with you outside of closing.
For more information about how property taxes in South Carolina apply to you and your real estate purchase, contact the lawyers at Blackacre Law LLC for a consultation at 864-775-5400 . You can also complete and submit our online contact form to get started right away.