A quick guide for property owners to save on taxes in South Carolina.
Did you know that primary residents in South Carolina can save thousands on property taxes? Homeowners typically worry about the long-term costs of homeownership, that’s why today, I will tell you the secret to reducing your tax costs: just fill out a form at closing.
Your attorney can provide this form to you at closing. Filing out this form with the county can save you thousands of dollars as it allows you to file for a 4% tax rate, compared to the standard 6% rate. The 4% rate is designated for primary residences, while the 6% rate applies to second homes or investment properties.
I recently had a client who forgot to complete this form. When I reminded him, he was able to receive a refund for 18 months of property taxes that he had paid at the higher 6% rate instead of the 4% rate!
If you want to ensure you’re paying the correct property tax rate, please reach out to me at 843-701-9186. I’d love to help you understand this process and potentially save you a substantial amount on your property taxes.
