Property
Tax
South Carolina counties, cities and school districts
impose ad valorem (property) taxes on real and personal
property. Local governments assess and collect property
taxes. The market value of a legal residence and up
to five acres of surrounding land is assessed at 4 percent.
The tax liability on the property is determined when
local government applies its millage rate to the assessed
value. County millage rates vary, but the state average
is 255 mills (.255). South Carolina also has a newly
adjusted homestead exemption of $50,000 on the fair
market value of a home for residents who are age 65
or older, totally and permanently disabled, or legally
blind.
Property tax relief exempts the first $100,000 of home
value from property taxes for school operations. The
maximum benefit of this exemption ranges from $200 to
more than $800 depending on the tax district where the
home is located.
Personal
property tax is collected annually on cars, trucks,
motorcycles, recreational vehicles, boats and airplanes.
Personal property is assessed at 10.5 percent of market
value. If you own a $10,000 car, based on the average
millage rate, your annual property tax would be $268.
The registration fee for passenger cars is $24 every
two years ($20 for residents age 65 or older; $22 for
64-year-olds) and can be paid when you pay your county
property tax. Many states, rather than collect personal
property taxes on cars, boats, etc., impose a higher
registration fee that is comparable to South Carolina's
property tax.
Estate Tax
South Carolina taxable income of estates and trusts
is taxed either to the fiduciary or to the beneficiaries
in the same manner as for federal income tax purposes.
Certain taxable income such as real estate gains and
rentals from property located in South Carolina and
income flowing through from a business located in South
Carolina and distributable to nonresident beneficiaries
is subject to withholding at a seven percent rate. Fiduciaries
are subject to the requirement to make quarterly payments
of estimated income tax in the same manner as for federal
income tax purposes. The return due date is the same
as the federal return. Grantor trusts, to the extent
that they are grantor trusts will be ignored for all
South Carolina tax purposes.
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