If you're considering buying a home in South Carolina, you'll be pleased to know that the Palmetto State offers some of the lowest property taxes in the country. With an average effective property tax rate of just 0.55% and a median annual payment of $980, homeownership in South Carolina is an affordable option[^1^].
How South Carolina Property Tax Works
South Carolina homeowners pay annual property taxes based on the assessed value of their property and the local tax rate. The assessment ratio, which determines the assessed value, varies depending on the type of property. Owner-occupied primary residences enjoy a lower assessment ratio of 4%, while non-primary residences have a rate of 6%[^2^].
Local assessors are responsible for reappraising all properties in their jurisdiction every five years. This reappraisal helps determine the full market value of the property, to which the assessment ratio is applied. The increase in market value is capped at 15% unless there is a property transfer or significant home modifications[^2^].
To illustrate, let's say your home's previous value was $100,000. With the 15% cap, it cannot be reappraised for more than $115,000. Applying the 4% assessment ratio to this new value, your assessed value would be $4,600, and tax rates would be calculated based on this amount[^2^].
South Carolina Property Tax Rates
Tax rates in South Carolina are determined by local tax authorities who divide their required revenue by the total assessed value in the jurisdiction. These rates are expressed in mills, which represent $1 of tax per $1,000 in assessed value. The state's average total mill rate has ranged from 300 to 350 mills[^3^].
Let's take a look at some counties in South Carolina and their property tax rates:
Greenville County
Greenville County, located in northwest South Carolina, has property tax rates slightly higher than the state average. With an average effective rate of 0.70%, it is important to consider the school district tax, which can vary depending on your location[^4^].
Richland County
Richland County, home to the state capital of Columbia, has one of the highest average property tax rates in South Carolina. With an effective rate of 0.87%, it's worth noting that the total mill rate in Columbia exceeds 500 mills[^5^].
Charleston County
Charleston County, known for the vibrant city of Charleston, boasts one of the lowest property tax rates in the state at just 0.51%. However, potential homeowners should also consider the cost of flood insurance, which can often be higher than property taxes[^6^].
Spartanburg County
Spartanburg County offers a median home value lower than the state average, resulting in a lower average effective rate of 0.73%. Homeowners in this county pay a median annual property tax of just $1,117[^7^].
Horry County
Horry County stands out with the lowest average effective property tax rate in South Carolina at 0.42%. For a home with a full market value of $187,800, the annual tax payment would be a mere $787[^8^].
Lexington County
Adjacent to Richland County, Lexington County enjoys significantly lower property tax rates. With an average effective rate of 0.61%, homeowners pay less compared to neighboring areas[^9^].
York County
As one of the most populous counties in South Carolina, York County has property tax rates close to the state average. The largest city, Rock Hill, has a total millage rate of around 222 mills[^10^].
Anderson County
Homeowners in Anderson County pay an average effective property tax rate of 0.59%, resulting in a median annual payment of $902. The county is located southwest of Greenville, along the Savannah River[^11^].
Berkeley County
Berkeley County, located north of Charleston, offers an average effective property tax rate of 0.68%. This rate, lower than the state average, contributes to funding local school districts, with the Berkeley School District mill rate around 225 mills[^12^].
Beaufort County
While Beaufort County has one of the lowest property tax rates in the state (0.64%), homeowners here pay some of the highest total annual taxes. With a median annual property tax of $1,970, it's important to consider the county's high median home value of $309,600[^13^].
As you explore South Carolina for potential homeownership, it's crucial to consider property taxes as part of your overall financial planning. Each county has its own unique tax rates, so reach out to a local financial advisor who can provide personalized guidance to help you make informed decisions.
Remember, understanding how property taxes work and finding the right advisor can play a significant role in achieving your financial goals.