If you want to move here, let me explain the two property tax rates.
If you are from a state where you get uncomfortable weather in the winter and you’re thinking of moving to South Carolina, you should learn how our residential property taxes work. Here’s a quick breakdown.
There are two property tax rates in South Carolina: the owner-occupied rate and the commercial rate. If you are not living in the property at least one day per year, you’ll be taxed on the commercial rate, which is about three times higher than the owner-occupied rate. Property taxes will be about $700 per year per $100,000 in assessed value, and tax bills are from January to December.
When you buy a property in South Carolina, the taxes are prorated at closing. If you buy midway through the year, then the seller is going to pay you half of that estimated tax bill, and you’ll be responsible for it when the bill comes in November. Most South Carolina contracts say that they will prorate taxes based on the last tax bill, so if you are selling a property that has been on the commercial rate to an owner-occupied buyer, you need to have a good agent. It will save you a lot of time, money, and headaches.
If you have any questions about property taxes, we’d be glad to help. Give us a call, message us on Facebook, or send us an email. We look forward to hearing from you.