South Carolina property taxes for retirees

How homes are valued

Counties reassess property every five years. A legal residence is assessed at 4% of fair market value, and most other real property, including second homes, at 6%. Your bill is the assessed value times the local millage.^2,1

Owner-occupied legal residences are also exempt from property taxes levied for school operations. School bond taxes still apply.^3,4

Caps, and what happens when a home sells

Growth in a property's value from one five-year reassessment to the next is capped at 15%, not counting improvements.^3,4

The cap ends when a property goes through an "assessable transfer of interest," which usually means a sale. The home is then valued at full market value, so a buyer in a long-held neighborhood can pay noticeably more than the sellers did. State law also allows a partial exemption that can limit how far that new value jumps.^3,4,5

Homestead exemption

The 4% legal residence ratio is the benefit every owner-occupant should claim. It is not automatic: apply with the county assessor, who may ask for your South Carolina income tax return and vehicle registrations as proof. A married couple can have only one legal residence.^6,7

Relief for homeowners 65 and older

Homeowners 65 or older, legally blind, or totally and permanently disabled can exempt the first $50,000 of their home's fair market value. There is no income limit, but you must have been a South Carolina resident for a full calendar year. Apply with the county auditor.^1,3

Second homes and snowbirds

A second home is assessed at 6% instead of 4% and pays school operating taxes that a legal residence does not, so its bill can be roughly double or more that of an identical primary home in the same county. The homestead exemption also applies only to a legal residence.^2,3,1