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Mount Pleasant SC Homes for Sale, Mount Pleasant SC Real Estate for sale, Mount Pleasant SC Condos, Mount Pleasant SC Homes for Sale Listings, Charleston SC Fractional Homes for Sale
South Carolina Property Tax ReformTwo,Five & Ten Sales Stats are Available - Just Ask!Homeowners in South Carolina, particularly those with expensive homes, will see property tax relief at the end of 2007 under a tax reform plan signed Monday by Gov. Mark Sanford.
South Carolina already offers relief from most property taxes for school operations on the first $100,000 of a home's value. Half of the owner-occupied single-family homes in the state were estimated to be worth $114,000 or less in 2004, according to the Census Bureau. For example, at this year's tax rates, the owner of a $1,000,000 home in Charleston would have seen his property tax bill drop by $3,287 with the elimination of the school operations property tax. The owners of a median-value home, worth $178,500, would have saved $358. The compromise (approved by a 79-32 vote in the House and a 41-0 vote in the Senate) reads as follows: 1. eliminates school operating taxes and replaces it with a one-cent sales tax, 2. decreases sales tax on groceries by 40 percent, 3. includes a provision addressing inequities in school funding, 4. money left over after that goes toward reducing county operating taxes, 5. results in an overall tax reduction for the people of South Carolina, 6. changes the method of reassessment and caps increases in taxable value to 15 percent over a 5-year period, 7. establishes a sales tax holiday for the two days following Thanksgiving, 8. closes the "alternative financing loophole" that local governments use to circumvent the constitutionally mandated 8 percent debt limit, 9. allows voters in any county to further reduce property taxes on all classifications of property by passing an additional sales tax referendum. The Assessment Plan--point of sale with a 15% cap every five years applied across the board to all classes of property, was adopted by the House and Senate and was sent to the Governor. Property Tax Calculation Sample This is a sample 1999 tax bill for the owner of a $100,000 owner-occupied home located in the City of Charleston. $100,000.00 Appraised Value x .04 Assessment Ratio (Owner-Occupied Residence) -------------------------------------------------------------------------------- $4,000.00 Total Assessment x .3483 Combined Millage (City of Charleston and Countywide) -------------------------------------------------------------------------------- $1,393.20 Total Property Tax - 179.00 County Govt. Tax Credit x Appraised Value (.00179 X 100,000) - 171.00 City of Charleston Tax Credit x Appraised Value (.00171 X 100,000) - 336.00 State Property Tax Relief (School Exemption)* -------------------------------------------------------------------------------- $707.20 Tax Due + 89.00 Solid Waste Recycling and Disposal Fee -------------------------------------------------------------------------------- $796.20 Total Taxes and Fees Due * Resident homeowners receive state Property Tax Relief on the fair market (or appraised) value of their legal residence up to $100,000 ($4,000 assessed value). Example: 4,000 Fair Market Value x .084 Portion of School Operating Mills Subject to Property Tax Relief -------------------------------------------------------------------------------- $ 336.00 Property Tax Relief
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