MOVING TO SOUTH CAROLINA - A TAX GUIDE FOR NEW RESIDENTS
Assessment Ratios for determining your Property Taxes
The following percentage of each class of property is used to determine the assessed value of the property for purposes of taxation:
Manufacturing Property 10.5% of fair market value
Primary Residences 4.0% of fair market value
Agricultural Property (private) 4.0% of fair market value
Agricultural Property (corporate) 6.0% of fair market value
Other Real Estate 6.0% of fair market value
Personal Property 10.5% of income tax depreciated value
The market value of a legal residence and up to five acres of surrounding land is assessed at 4%. The millage rate of the local government is then applied to the assessed value resulting in the tax liability. The millage rate varies widely throughout the state.
If you have established a one-year residency and you are 65 or older, you are eligible for a homestead exemption of $20,000.
Property Taxes
Property tax is administered and collected by local governments with assistance from the South Carolina Department of Revenue. Real and personal property are subject to the tax. Approximately two-thirds of county-levied property taxes are used for support of public education. Municipalities levy a tax on property situated within the limits of the municipality for services provided by the municipality. The tax is paid by individuals, corporations, partnerships, etc. owning property within the state.
The state of South Carolina imposes a motor fuel user fee of sixteen cents per gallon upon all gasoline, and a motor fuel user fee of sixteen cents per gallon on all diesel fuel, kerosene and or any type of alternative fuel used for generating power in a motor vehicle.
Sales and Use Taxes
Sales tax is imposed on the sale of goods and certain services in South Carolina. Use tax is imposed on goods and certain services purchased out of state and brought into South Carolina or on which no sales tax has been paid. The statewide sales and use tax rate is 6%. Counties may impose an additional 1% local sales tax if voters in that county approve the tax. Generally, all retail sales are subject to the sales tax.
