There is so much to love about South Carolina, the beaches, the food, the weather, but another thing to love is the property taxes. South Carolina’s property taxes are one of the lowest in the United States. Across the United States, the median property tax is 1.31 percent. While in South Carolina the median property tax is 0.71, giving us the 7th lowest property tax in all of the United States.* Property taxes are out of control in places like New York, New Jersey, Illinois, New Hampshire, and Connecticut. All of these states have over 2 percent property tax rates. For example, one of our staff members recently moved here from Massachusetts and where they paid $10,000 dollars a year in property taxes. After their move to Mount Pleasant into a similarly priced home (that would cost double in MA, but that is a blog for another day), they are now paying about $2,000 a year in property taxes. If there were not enough reasons to move to beautiful South Carolina our low property taxes should add to your list. Check out our Berkeley county and Charleston County tax estimators for more information.
Important to note, investment properties and second homes in South Carolina are taxed at a higher rate, running 2.5-3 times the rate for a primary residence. Primary residents get a Homestead Exemption and various credits which account for the lower tax rate. Although, our experience has been that most families who buy second homes here end up moving here as they experience life in wonderful South Carolina.
* Source: “Comparing the Real Cost of Owning Property Across the United States,” CoreLogic’s Insights Blog (April 27, 2016)
Owner, Broker Associate
Prestige Real Estate Group