The South Carolina Association of Realtors (SCAR) recommends all buyers get a tax assessment on their new property before closing. This will eliminate surprises down the road. Taxes tend to go up year after year, so it’s good to know where yours will start once the property is yours.
Primary residences in South Carolina are taxed at a 4% assessment ratio, while secondary residences are taxed at a 6% ratio. The tax assessor may assume your new residence is a secondary one, so definitely check on that after closing to be sure it’s what it should be. Depending on the value of your property, the difference between the two rates can be thousands of dollars per year.
To learn more about South Carolina property taxes, including the formula for calculating them, please download this brochure from SCAR, consult your attorney, your tax advisor, or your Realtor®.
