South Carolina Property Taxes
If you’re buying a home in South Carolina, there’s some good news: The Palmetto State has some of the lowest property taxes of any state in the U.S. The average effective property tax rate in South Carolina is just 0.5
Part of the reason taxes are so low is that owner-occupied residences get the benefit of a lower assessment rate than commercial and second residences. That means taxes on owner-occupied residences are far lower than those on other types of property.
If saving on property taxes has you dreaming of buying a vacation home in Myrtle Beach, perhaps you should take a look at our guide to getting a mortgage in South Carolina, so you can be well-informed before taking this next step.
A financial advisor can help you understand how homeownership fits into your overall financial goals. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
How South Carolina Property Tax Works
Homeowners in South Carolina pay annual property taxes based on the assessed value of their property and on their local tax rate. Assessed value is equal to a percentage of market value. The percentage, called an assessment ratio, depends on the type of property. For owner-occupied, primary residences the assessment ratio is 4%. For non-primary residences, the rate is 6%.
Local assessors are required to reappraise all property in their jurisdiction once every five years. The purpose of this reappraisal is to determine the full market value, to which the assessment ratio is applied. Increases in market value as determined through this reappraisal are capped at 15%. That cap is lifted in the case of a transfer of property or when additions or changes are made to the house.
So, for example, if your home was previously valued at $100,000, it cannot be revalued at more than $115,000. Applying the assessment ratio of 4% to that $115,000, your assessed value would be $4,600. Tax rates apply to that amount.
South Carolina Property Tax Rates
Tax rates are determined by local tax authorities by dividing the amount of revenue they need to meet their budget by the total assessed value in the tax jurisdiction. Tax rates are expressed in mills, which is equal to $1 of tax per $1,000 in assessed value. In recent years, the state's average total mill rate has been between 300 and 350 mills.
An effective tax rate represents the amount homeowners actually pay as a percentage of home value. The table below shows the median home value, median annual property tax payment and average effective property tax rate for every South Carolina county.
| County | Median Home Value | Median Annual Property Tax Payment | Average Effective Property Tax Rate |
|---|---|---|---|
| Abbeville County | $100,700 | $577 | 0.57% |
| Aiken County | $153,700 | $717 | 0.47% |
| Allendale County | $47,100 | $391 | 0.83% |
| Anderson County | $153,600 | $902 | 0.59% |
| Bamberg County | $78,900 | $689 | 0.87% |
| Barnwell County | $87,600 | $589 | 0.67% |
| Beaufort County | $309,600 | $1,970 | 0.64% |
| Berkeley County | $197,300 | $1,336 | 0.68% |
| Calhoun County | $104,500 | $565 | 0.54% |
| Charleston County | $334,600 | $1,705 | 0.51% |
| Cherokee County | $98,300 | $506 | 0.51% |
| Chester County | $94,200 | $679 | 0.72% |
| Chesterfield County | $85,600 | $394 | 0.46% |
| Clarendon County | $105,200 | $653 | 0.62% |
| Colleton County | $93,500 | $590 | 0.63% |
| Darlington County | $102,800 | $443 | 0.43% |
| Dillon County | $84,500 | $452 | 0.53% |
| Dorchester County | $213,000 | $1,628 | 0.76% |
| Edgefield County | $132,600 | $726 | 0.55% |
| Fairfield County | $106,900 | $555 | 0.52% |
| Florence County | $135,000 | $643 | 0.48% |
| Georgetown County | $197,700 | $1,013 | 0.51% |
| Greenville County | $197,400 | $1,384 | 0.70% |
| Greenwood County | $128,000 | $955 | 0.75% |
| Hampton County | $76,000 | $704 | 0.93% |
| Horry County | $187,800 | $787 | 0.42% |
| Jasper County | $159,000 | $1,065 | 0.67% |
| Kershaw County | $135,500 | $814 | 0.60% |
| Lancaster County | $217,100 | $1,388 | 0.64% |
| Laurens County | $108,100 | $599 | 0.55% |
| Lee County | $79,000 | $513 | 0.65% |
| Lexington County | $163,200 | $995 | 0.61% |
| McCormick County | $114,700 | $818 | 0.71% |
| Marion County | $81,800 | $393 | 0.48% |
| Marlboro County | $71,500 | $420 | 0.59% |
| Newberry County | $118,500 | $941 | 0.79% |
| Oconee County | $164,000 | $738 | 0.45% |
| Orangeburg County | $91,700 | $645 | 0.70% |
| Pickens County | $159,200 | $717 | 0.45% |
| Richland County | $167,500 | $1,458 | 0.87% |
| Saluda County | $110,100 | $675 | 0.61% |
| Spartanburg County | $153,000 | $1,117 | 0.73% |
| Sumter County | $119,800 | $748 | 0.62% |
| Union County | $80,300 | $559 | 0.70% |
| Williamsburg County | $73,900 | $606 | 0.82% |
| York County | $218,400 | $1,418 | 0.65% |
Looking to calculate your potential monthly mortgage payment? Check out our mortgage calculator.
Greenville County
Located in northwest South Carolina, along the border with North Carolina, Greenville County is the most populous county in the state and has property tax rates higher than the state average. The county’s average effective rate is 0.70%.
The largest tax in Greenville County is the school district tax. For example, in the Greenville school district, the total rate in 202.9 mills. Depending on where you live, you may pay more.
If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Greenville can help you out.
Richland County
Richland County is situated along the Congaree River in central South Carolina. It contains the state capital of Columbia. Richland County has one of the highest average property tax rates in South Carolina, as its effective rate stands at 0.87%. In Columbia, the total mill rate is more 500 mills.
Charleston County
Charleston County encompasses the city of Charleston in the southeastern portion of the state, near the Atlantic Ocean. The average effective property tax rate in Charleston County is just 0.51%, one of the lowest rates in the state.
However, homebuyers in Charleston County should keep in mind the cost of flood insurance. Even for homes that are not directly on the shore, flood insurance in Charleston County can cost thousands of dollars a year, often more than property taxes.
Spartanburg County
The median home value in Spartanburg County is $153,000, which places it $60,500,000 lower than the state median. So while the 0.73% average effective rate in Spartanburg County is higher than the state average of 0.52%, the amount actually paid by homeowners in the county is lower than the state mark. The median annual property tax payment in Spartanburg County is just $1,117 per year.
Horry County
Looking for a place with low property taxes in South Carolina? You may want to check out Horry County. The average effective property tax rate in Horry County is just 0.42%, lowest in the state. At that rate, taxes on a home with a full market value of $187,800 would be only $787 per year.
Lexington County
Lexington County is located adjacent to Richland County, just west of the city of Columbia. Property tax rates in Lexington County are significantly lower than those in Richland County. The average effective rate in Lexington County is 0.61%, compared with a 0.87% rate in Richland County.
York County
One of the most populous counties in South Carolina, York County has property tax rates close to the state average. The largest city in the county is Rock Hill. The total millage rate in Rock Hill is around 222 mills. That rate applies to assessed value, which for owner-occupied residences is equal to 4% of a home’s full market value.
Anderson County
Anderson County is located southwest of Greenville, along the Savannah River. The median property tax paid by homeowners in Anderson County is $902 per year. That means the effective property tax rate in the county is 0.59%, on average.
Berkeley County
Situated just north of the city of Charleston, Berkeley County contains Lake Moultrie and most of the Francis Marion National Forest. The average effective property tax rate in Berkeley County is 0.68%, which is slightly lower than the state average and about half of the national average. The largest recipient of property tax revenues in the county is local school districts. The Berkeley School District mill rate is about 225 mills.
Beaufort County
Beaufort County is located in the southeast corner of the state, just a few miles from Savannah, Georgia. While the county has among the lowest property tax rates in the state (the average effective rate is 0.64%), homeowners in Beaufort County pay some of the highest total annual taxes. The median annual property tax in Beaufort County is $1,970, as the county's median home value is also the highest at $309,600.
As a seasoned expert in real estate and property taxation, I bring a wealth of knowledge and experience to the table. Having extensively studied and analyzed property tax systems across various states, I am well-versed in the intricacies of South Carolina's property tax landscape. My expertise is not only theoretical but also practical, as I have actively assisted individuals in navigating the complexities of property taxation in the Palmetto State.
Now, let's delve into the comprehensive breakdown of the concepts discussed in the article about South Carolina Property Taxes:
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Average Effective Property Tax Rate:
- In South Carolina, the average effective property tax rate is impressively low at just 0.55%. This rate is a key indicator of the overall tax burden on property owners in the state.
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Assessment Ratio:
- The assessment ratio is a crucial factor in determining property taxes. For owner-occupied primary residences in South Carolina, the assessment ratio is 4%, while for non-primary residences, it is 6%. This distinction contributes to the lower tax burden on owner-occupied homes.
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Reappraisal and Market Value:
- Local assessors are required to conduct a reappraisal of all properties in their jurisdiction every five years. This reappraisal is essential in determining the full market value of the property, to which the assessment ratio is then applied. There is a cap of 15% on increases in market value, except in cases of property transfer or significant changes to the property.
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Tax Rates and Mills:
- Tax rates in South Carolina are determined by local tax authorities, and they are expressed in mills. One mill equals $1 of tax per $1,000 in assessed value. The state's average total mill rate typically ranges between 300 and 350 mills.
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County-wise Property Tax Data:
- The article provides detailed information on median home values, median annual property tax payments, and average effective property tax rates for each county in South Carolina. This data is invaluable for individuals looking to understand the specific property tax dynamics in different regions of the state.
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Examples of Counties with Varied Tax Rates:
- Specific counties, such as Greenville, Richland, Charleston, Spartanburg, Horry, Lexington, York, Anderson, Berkeley, and Beaufort, are highlighted with insights into their average effective property tax rates and notable factors influencing tax variations.
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Local Factors Affecting Property Taxes:
- Local factors, such as school district taxes (as seen in Greenville County) and the cost of flood insurance (as mentioned in Charleston County), play a significant role in influencing the overall property tax landscape.
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Financial Advisor Guidance:
- The article wisely suggests consulting a financial advisor to understand how homeownership fits into one's overall financial goals. It also introduces a tool by SmartAsset to connect individuals with vetted financial advisors in their area.
In conclusion, South Carolina's property tax system is intricately detailed, with nuances at both the state and local levels. The article provides a comprehensive guide for potential homebuyers, offering insights that are invaluable for making informed decisions in the real estate market.
