Charleston property tax

July 21, 2008

I work with many people who are considering relocation to Charleston, many from very high property tax states who are always concerned with how much property taxes are on any property that they are considering in the Charleston real estate market. The good news is that property taxes in South Carolina are generally quite low especially when compared with many other states.

Furthermore, once a home has been assessed, there are limits on increases to 15% every five years. But when a home transfers from one owner to another, the cap is removed and the assessor can raise the assessed value of your home to the current sales price.

But don’t worry; the property taxes will still be reasonable, just not as reasonable as your new neighbor who may have lived in his/her home for a number of years. And a point of sale property tax increase is how many places in the US reassess the value of your home. A good conservative rule of thumb is to estimate 1% of the sales price of your home for property taxes. The property taxes on a $200,000 home should be approximately $2000 and property taxes on a $500,000 home should be $5000.

If property taxes are important to you, you should consider getting a written estimate from the tax assessor prior to writing a contract on any home you are considering purchasing.

And make sure to apply for the 4% tax ratio on your principal residence, it will save you a lot of money.

Property taxes when buying a Charleston home for sale