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In South Carolina each class of property is assessed at a ratio unique to that type of property. The assessment ratio is applied to the market value of the property to determine the assessed value of the property. Each county and municipality then applies its millage rate to the assessed value to determine the tax due. The millage rate is equivalent to the tax per $1,000 of assessed value. For example, if the millage rate is 200 mills and the assessed value of the property is $1,000, the tax on that property is $200.
The basic formula for calculating real estate tax is as follows:
Appraised Value x Assessment Ratio = Assessed Value
Assessed Value x Millage Rate = Tax Amount
Appraised Value by the Assessor´s Office is defined as the Fair Market Value. By SC law an appraisal of all property is conducted every five years. All new construction during the five year interval is appraised relative to existing property. The sales price during the period is not used in the calculation of Appraised Value.
Assessment Ratio defined by the SC Code of Law is:
1. If it is a residence domiciled by the property owner, the Assessment Ratio is at
4%. The property owner has to apply for this special assessment ratio under
"Primary Residence". Please call the Assessor´s Office to obtain an
application form. The form is also available on the County Web site
2. All other properties will be assessed at 6%, except for industrial properties
which are assessed at 10.5%. (Rental property or second homes will have
an Assessment Ratio of 6%.)
Millage Rates are determined yearly by various taxing authorities, such as the County
Government, the City Government, the School Districts and all Fire Districts.
Selected 2004 millage rate are shown below:
The millage rate for unincorporated parts of the county varies according to the district & the community. See the table for this information.
The tax burden on residential property has been reduced by the State of South Carolina by the Governor's exemption. The state helps pay the local property tax in the following manner:
Assessed Value x Milliage Rate of 108.4 = Reduction in Tax Amount
If the assessed value is less than $4,000, the owner receives the full reduction.
If the assessed value is greater than $4,000, the owner receives a reduction based on $4,000.
The following two examples show how Tax Amount will be affected by these factors.
A. Assuming an appraised value is $80,000, the assessment ratio is 4% and the
millage rate is 366.7 (City of Rock Hill + York County millage rate for
$80,000 x .04 = $3,200 (Assessed Value)
$3,200 x .3667 = $1,173.44 (Gross Tax Amount)
$3,200 x .1084 = $346.88 (Governor's Exemption)
$1,173.44 - $436.88 = $736.56 Total Taxes Due
B. Assuming an appraised value of $200,000, the assessment ratio is 4%
and the millage rate is 366.7 (City of Rock Hill + York County millage rate
for current year),
$200,000 x .04 = $8,000 (Assessed Value)
$8,000 x .3667 = $2,933.60 (Gross Tax Amount)
$4,000 x .1084 = $433.60 Governor's Exemption) Maximum of $4,000
$2,933.60 - $433.60 = $2,500.00 Total Taxes Due