How to Save Money on Your Property Taxes- Exemptions Tips- Columbia, SC Real Estate

How to Save Money on Your Property Taxes- Exemptions Tips- Columbia, SC Real Estate

South Carolina has one of the lowest per capita tax rates in the country, according to the U.S. Bureau of the Census. With tax season coming up, it is helpful to take advantage of the many intricacies of exemptions. In South Carolina you can use the Homestead Exemption Act to save a couple hundred dollars this year on your property taxes. Many people have saved over $300!

This act lowers the taxable value of your home by $50,000 if you have lived in South Carolina for a year, you own your home with the name on your need, and you are any of these:

- 65 years old or older

- 100% Permanently Disabled

- Legally Blind

- At least 50 years old of age when your spouse dies who qualifies for the Homestead Exemption

The deadline to apply for the act is the day before for the tax bill would incur penalties.

Scenario:

The applicant holds one-third owner interest and the other two-thirds interest is held by a brother and sister equally who both claim residence elsewhere or otherwise do not meet the eligibility requirements for the homestead exemption.

Calculation:

$50,000 x .33 = $16,650 of the fair market value of their legal residence would be tax immune

There are actually a couple options for those who own their home. You can apply for Owner-Occupied Status which is a large discount. Additionally, South Carolina’s “property tax relief” law means homeowners are exempt from all property taxes levied for school operating purposes on a legal residence.

To learn more about saving money on your property taxes, contact us at our Exit Real Estate Solutions website. As real estate Experts, we can also provide assistance in the Columbia area if you are looking to buy or sell a home.

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Columbia,SC EXIT Real Estate Solutions – Jae Kim, Broker