Under the S.C. Uniform Tax Law of 1978 taxable personal property includes:

• Motor Vehicles
• Motor Homes
• Watercraft and Motors (DNR Watercraft Items)
• Shrimp Boats
• Commericial Watercraft
• Large Pleasure Craft (Documented Boats)
• Rental Residential Property
• Business Personal Property (Local)
• Business Personal Property (PT100)
• Aircraft
• Signs
• Manufacturers
• Utilities

SC State Law defines "Market Value" or "True Value in Money" as . . ."The price the property will bring following reasonable exposure to the market where both the seller and the buyer are willing, are not acting under compulsion, and are reasonably well informed as to the uses and purpose for which it is adapted and for which it is capable of being used..."

The assessment ratio is simply a percentage (usually 4% or 6%) which is multiplied by the appraised value or the use value of a property to determine the assessed value.

Millage is a term used to describe the rate of taxes levied. A mill is one dollar per one thousand dollars of assessed value. $1 of Tax $1,000 Assessed Value = $.001 = 1 Mil County Council and the County Auditor determine the annual millage rate. The millage rate to be levied is determined by dividing the amount of revenue needed to fund the annual budget by the total assessed value. Budget = $10,000,000 Assessed Value $200,000,000 = .050 = 50 Mills.

For property tax purposes, the term Legal Residence shall mean the permanent home or dwelling place owned by a person and occupied by the owner. It is the place where the owner intends to remain permanently for an indefinite time. However, the same shall not include a residence maintained principally for vacation or recreational purposes. Legal residence refers to the special 4% assessment ratio for owner-occupied homes. The owner must have title (deed or will) or the owner, as his legal residence must occupy have an equity interest (Recorded Bond-for-Title or Contract to Purchase) and the property.

QUALIFICATION REQUIREMENT:
S.C. Code of Laws, Section 12-43-220
(c)(1) The legal residence and not more than five acres contiguous thereto, when owned totally or in part in fee or by life estate and occupied by the owner of the interest, and additional dwellings located on the same property and occupied by immediate family members of the owner of the interest, are taxed on an assessment equal to four percent of the fair market value of the property. If residential real property is held in trust and the income beneficiary of the trust occupies the property as a residence, then the assessment ratio allowed by this item applies if the trustee certifies to the assessor that the property is occupied as a residence by the income beneficiary of the trust. When the legal residence is located on leased or rented property and the residence is owned and occupied by the owner of a residence on leased property, even though at the end of the lease period the lessor becomes the owner of the residence, the assessment for the residence is at the same ratio as provided in this item. If the lessee of property upon which he has located his legal residence is liable for taxes on the leased property, then the property upon which he is liable for taxes, not to exceed five acres contiguous to his legal residence, must be assessed at the same ratio provided in this item. If this property has located on it any rented mobile homes or residences which are rented or any business for profit, this four percent value does not apply to those businesses or rental properties.

(c)(2)(i) To qualify for the special property tax assessment ratio, the owner-occupant must have actually owned and occupied the residence as his legal residence and been domiciled at that address for some period during the applicable tax year. A residence which has been qualified as a legal residence for any part of the year is entitled to the four percent assessment ratio provided in this item for the entire year, for the exemption from property taxes levied for school operations pursuant to Section 12-37-251 for the entire year, and for the homestead exemption under Section 12-37-250, if otherwise eligible, for the entire year.

Agricultural real property shall mean any tract of real property which is used to raise, harvest or store crops, feed, breed, or manage livestock, or to produce plants, trees, fowl, or animals useful to man, including the preparation of the products raised thereon for man's use and disposed of by marketing or other means. It includes, but is not limited to, such real property used for agricultural, grazing, horticulture, forestry, dairying, and mariculture. In the event at least 50% of real property tract shall qualify as "agricultural real property", the entire tract shall be so classified, provided no other business for profit is being operated thereon. The term "agricultural real property" shall not include any property used as the residence of the owner or others in that the taxation of such property is specifically provided for in Section 2 (C) and (E) of Act 208.

YES, see your County Auditor for details about the Homestead Exemption.

Yes, SC Law provides for a 4% assessment ratio (the alternative is 6%) on residential properties. The owner must have title (deed or will) or have an equity interest (contract to purchase) and occupy the residence as his/her actual or primary place of residence, prior to making application. Applications can be submitted online or downloaded and returned to the County Assessor.

The owner must file an application online or download and returned to the County Assessor. The filing period is January 1 through January 15 of the following tax year. This allows one year and fifteen days for filing. Once the initial application is filed, it will automatically be renewed every year, unless there's a change in ownership, address, or use of the property. In accordance with the law, you must notify the Assessor within six months, if you change your residency. When reapplication is required, one will be mailed for each previously qualified residence to the owner's last known address.

While the difference between 6% and 4% is only 2%, the impact on your tax bill is dramatic. Taxes on a residence that qualify for the 4% ratio, are one-third less than taxes on a similar residence assessed at 6%. The legal residence classification also entitles the homeowner to exemption from school operation taxes.

It is the owner's responsibility to make sure the initial application, and future reapplications are filed on time.The law allows County Council to extend the filing deadline, if an owner can show good and reasonable cause for filing late. The late application must be filed with a petition stating "satisfactory" reason and "reasonable cause" for not filing by the January 15 deadline. Late applications are filed with the Assessor.

Yes, SC Law provides for a substantial tax break on agricultural real property, which is used for a bona fide agricultural use. There are two parts to this benefit. First, if qualified, the property's taxable value is based on "Use Value", which is usually considerably less than the property's "Market Value". The "Use Value" is based on the productive capability of the soil type or types in the property. Second, the assessed value is 4% of the "Use Value"; unless a corporation with ten (10) or more stockholders owns the property, then the applicable ratio is 6%.

Agricultural real property which is actually used for such purposes and meets certain size or income restrictions, not including, a corporation which is the owner or lessee except for certain corporations which do not:

1. Have more than 10 shareholders
2. Have as a shareholder a person (other than an estate) who is not an individual
3. Have a nonresident alien as a shareholder, and
4. Have more than one class of stock

Timberland tracts must be at least five acres. Tracts of timberland must be devoted actively to growing trees for commercial use. Tracts of timberland less than five acres may be eligible for agricultural classification if any of the following conditions are met.

1. The tract is contiguous to another timberland tract of at least five acres.
2. The tract is under the same management system as another qualifying timberland tract.
3. The tract is owned in combination with non-timberland tracts that qualify as agricultural real property.

Non-timberland (cropland) tracts must be at least 10 acres. Tracts of non-timberland less than 10 acres may be eligible for agricultural classification if any of the following conditions are met:

1. Contiguous tracts with identical ownership meet the minimum acreage requirement when added together.
2. The person making the application earned at least $1,000 gross farm income in at least three of the past five years or at least three of the first five years if this is an initial application.
3. The property has been owned by current owner or immediate family member of the current owner for at least ten years ending January 1, 1994 and the property is classified as agricultural real property for tax year 1994.

The owner must file online or download, fill out, and return the assessment application to the County Assessor. The filing period is January 1 through January 15 of the following year. Once the initial application is filed, it will automatically be renewed each year until there is a change in the property use or a change in title. When reapplications are required, one will be mailed on each previously qualified property to the owner's last known address. It is the owner's responsibility to make sure applications are filed out and returned in a timely manner.

There is a discount available for subdivided land, when certain qualifications are met. This discount is known as "The Multiple Lot Discount" or "The Developer Discount". To qualify, one must own ten (10) or more unsold and unimproved lots in the same development as of January 1st of the tax year and file an application with the assessor by May 1st of that year. The owner must file an application online or download and returned to the County Assessor. New applications must be filed every year.

Property Tax Exemption For Residential Builders/Developers (H.3018)

Department Of Revenue's Position On H.3018:
Because H.3018 did not take effect until June 16, 2009, it would be impossible for a residential builder or developer who owns qualifying homes built in 2007 or 2008 to apply by January 31 or within thirty days of the certificate of occupancy being issued. Therefore, it is the position of the Department of Revenue to allow residential builders and developers who own qualifying homes which were built in 2007 and 2008 to file and qualify for the exemption on or before the close of the county books on September 30, 2009.
In addition to the other statutory requirements listed in the Act, counties must determine if the residential builder or developer owned the property as of December 31 of the preceding tax year to determine if the home qualifies for the exemption. If the home qualifies for the exemption at the beginning of the property tax year, the home would continue to qualify for the exemption for the remainder of the same property tax year even if the status of the home changes (sold or otherwise occupied). However, the home would no longer qualify for the exemption in the property tax year following the change in status.

Qualifying Homes Completed In 2007 And 2008:
Residential builders or developers who own newly constructed detached single family homes which have certificates of occupancy issued after December 31, 2006 but no later than December 31, 2008 must apply for the exemption for the 2009 property tax year on or before the close of the county books on September 30, 2009.
If these builders have already paid property taxes on the qualifying improvements for property tax years 2007 and 2008, then they would not be entitled to a refund for these years (see Section 3) and these years will be counted toward the six years of the eligibility period.
Residential builders or developers who owe delinquent taxes for tax year 2008 will not receive the benefit of the exemption for the improvements for property tax year 2008.

Qualifying Homes Completed In 2009 And Subsequent Years:

• Must file by January 31 of the year following the issuance of the certificate of occupancy (if required) in order to receive the exemption for that tax year
• Must determine if the applicant owned the property as of December 31 of the preceding tax year

Residential builders and developers who own qualifying homes with certificates of occupancy issued after December 31, 2008 and subsequent years must apply for the exemption no later than January 31 of the year following the issuance of the certificate of occupancy in order to receive the exemption on the improvements for that tax year.
Pursuant to Section 12-37-610, the builder would not be taxed on improvements to real property until the property tax year following the issuance of the certificate of occupancy (if required). Therefore, the improvements for qualifying homes completed in 2009 and subsequent years would not be subject to taxation until the property tax year following the issuance of a certificate of occupancy (if required).

Please Note:

1. When a residential builder/developer submits an affidavit to apply for this exemption, the affidavit should include a statement wherein the applicant attests that he/she owned the property as of December 31 of the preceding tax year.
2. The controlling date to start the running of the six year exemption period for qualifying homes is the issue date of the certificate of occupancy (if one is required) and not the date of the application for the exemption.
3. Residential builders or developers must reapply by January 31 of subsequent property tax years in order for the qualifying home to continue receiving the exemption.
4. The multiple lot discount allowed in Code Section 12-43-225 terminates once a certificate of occupancy is issued. The exemption allowed by H. 3018 does not waive the requirement that the multiple lot discount apply only to lots where no certificate of occupancy has been issued.

All property is reappraised every four (4) years with a one (1) year lag for implementation. That is unless there is a physical or legal change, or an assessable transfer of interest occurs. Otherwise, taxable value is normally capped at 15% between reassessment programs.

Assessor: Maintains real property records (land, buildings, mobile homes, docks, swimming pools etc.). Appraises real property for ad valorem tax purposes. Responsible for the application process for the 4% legal residence and agricultural use classifications. POA and multiple lot discount applications are also made to the Assessor. Responsible for the application process for the 4% and the agricultural use exemption assessment ratio. Responsible for maintenance of tax maps. Initiates refunds as it relates to real property.

Auditor: Assessment of personal property Keeps records of personal property (auto, trucks, airplanes, boats, etc.). Send out tax bills. Takes applications for Homestead Exemption (over age 65 or 100% disabled). Processes Refund Requests Estimates the Tax (millage) rate needed to fund the County Budget.

Treasurer: Collects taxes. Safeguards all tax money. Distributes tax money to schools, fire departments, etc. Invests funds for the County.