The amount of property tax due is based upon three elements: (1) the property value, (2) the assessment ratio applicable to the property used to determine assessed value, and (3) the millage rate imposed by the taxing jurisdictions.
- Was your property affected by an “assessable transfer of interest” (ATI)?
- The neighbor’s tax bill is $600, but your tax bill is $900. Your “neighbor” bought his house in 2005 and you bought your home in 2008.
- SC voters approved a 15% cap to be applied against the prior-year value for all conveyances occurring prior to the 2007 tax year. The prior year value of your neighbor’s property is capped at 15% when implementing county-wide reassessment
- SC state law requires the removal of the 15% cap when an assessable transfer of interest occurs after the 2006 tax year. SC law requires a “point-of-sale” reassessment with a current market value having an effective appraisal date of December 31st of the year that the “ATI” conveyance occurred.
- Have you applied for the legal resident exemption?
- Are you age 65 or over and qualify for homestead exemption?
Do you qualify for an agricultural use value?