Q:

What are some rules of South Carolina property taxes?

A:

Quick Answer

The state of South Carolina imposes property taxes on all real and personal property, explains Carolina Living. This includes money, bonds, investments in bonds and joint stock companies that a resident of South Carolina owns, states the South Carolina State House.

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Full Answer

The local government assesses the market value of any legal residence not exceeding 5 acres and collects 4 percent property tax, says Carolina Living. The local government applies a millage rate to the assessed value of all taxable property. This rate varies from county to county.

The local government also collects property taxes on personal vehicles, motorcycles, planes, recreational vehicles and boats, according to Carolina Living. It assess this property at 6 percent of market value. Residents of South Carolina pay 10.5 percent property tax for all other property.

There are also rules on exemptions for South Carolina property taxes, states Carolina Living. All homes that belong to residents who are 65 years or older, legally blind or permanently disabled get a $50,000 exemption on their fair market value, reports Carolina Living. Properties used exclusively for public purposes are exempt from property taxes, states the South Carolina State House. This includes public schools, public hospitals, public libraries, churches and burial grounds.

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