How is property tax calculated in South Carolina?

South Carolina multiplies market value by an assessment ratio to get assessed value, then multiplies by the local millage rate. The formula is market value x ratio x (millage / 1000). Owner-occupied homes use a 4% ratio; most other property uses 6%.

What is the difference between the 4% and 6% rates?

The 4% assessment ratio applies to a legal owner-occupied primary residence and also removes school operating millage, making it much cheaper. The 6% ratio applies to second homes, rentals, commercial property, and out-of-state owners, raising the bill substantially.

What is a mill in South Carolina property tax?

A mill is one-tenth of a cent, or $1 of tax per $1,000 of assessed value. A millage rate of 300 mills means $300 of tax for every $1,000 of assessed value. Counties, schools, and special districts each add mills that sum to your total rate.

Does the South Carolina homestead exemption help?

Yes. Homeowners 65 or older, totally disabled, or legally blind can exempt the first $50,000 of their home's fair market value from taxation. This estimator lets you subtract a homestead or other exemption from value before applying the assessment ratio.

South Carolina Property Tax Estimator

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This estimator applies South Carolina’s actual property-tax math: market value times an assessment ratio gives the assessed value, which is then multiplied by your local millage rate. Owner-occupied homes get the favorable 4% ratio; most other property is assessed at 6%.

How it works

South Carolina does not tax full market value directly. Instead it taxes an assessed value found by applying a constitutional assessment ratio:

assessed value = (market value − exemptions) x assessment ratio
annual tax     = assessed value x (millage / 1000)

The assessment ratio is 4% for a legal owner-occupied primary residence and 6% for second homes, rentals, and commercial property. Millage is expressed in mills, where one mill equals $1 of tax per $1,000 of assessed value. Counties, school districts, and special districts each levy mills that sum to your total rate.

Example

A $300,000 owner-occupied home at the 4% ratio has an assessed value of $12,000. With a combined millage of 300 mills, the tax is 12,000 x (300 / 1000) = $3,600 before owner-occupied school-tax relief. The same home at the 6% non-resident ratio would be assessed at $18,000 and taxed at $5,400.

Notes

This is a simplified estimate. Real South Carolina bills factor in the owner-occupied school operating tax exemption, county fees, special assessments, and rollback provisions. The homestead exemption ($50,000 of value) applies to qualifying seniors and disabled owners. Always confirm your ratio, millage, and exemptions with your county auditor or at dor.sc.gov.