property tax releif (Charleston, Summerville: rentals, how much, house)

[deanow30]

Do you have a tax rebate program for elderly or disabled? How much do they refund?

[beachme]

yes, there is a homestead exemption.

Homestead Exemption
The S.C. Homestead Tax-Exemption Program is for homeowners who are age 65 or older, and/or totally disabled, and/or totally blind. The program exempts up to $50,000 of the value of the home including up to five contiguous acres of property. The homeowner must have been a legal resident of South Carolina for at least one year, on or before December 31 of the year prior to the exemption, and have been approved for the 4 percent primary residence assessment ratio. To receive the exemption, the homeowner must file an application in person with the County Auditor. If unable to go to the Auditor’s office, the homeowner may authorize someone else to make application. Proof of eligibility is required. You must have a Medicaid or Medicare card, birth certificate or driver’s license if applying due to age and certification from a state or federal agency (that has the authority to make the certification) if applying because of disability or blindness.

Charleston County, South Carolina (broken link)

[tnw]

What do they mean by approved 4 percent primary resident? How do you get approved for that? If your taxes were 800.00 a year then how much would you save? What is the total income limit for household to be eligible? Is it the same in Summerville?
Thanks for help

[tnw]

What do they mean by approved 4 percent primary resident? How do you get approved for that? If your taxes were 800.00 a year then how much would you save? What is the total income limit for household to be eligible? Is it the same in Summerville?
Thanks for help

[Jim3310]

The 4% refers to your primary residence. Out of state owner/rentals would be taxed at 6%.

The difference is quite noticeable. One must apply for the 4% rate by showing evidence of primary residence. ie. utility bills, driver's license, etc.

[tnw]

Thanks, but how much would my taxes be if they were 800.00 a year? anyone know how much of a rebate approx I would get?

[Jim3310]

It goes by property value, not income or family size.
What county are you in?

[tnw]

Home is in dorchester assesed value is 120,000

[janrey]

Originally Posted by tnw

Home is in dorchester assesed value is 120,000

If assessed value is $120,000 then it should be taxed on a value of $70,000 (120,000 - 50,000). Taxes vary across the state but basically you're taxed a millage on 4% of the assessed value. So you are taxed whatever millage is charged where the house is located has on $2800 (70,000 *.04).

$2800 * millage rate.

For others the way SC does taxes is

House Assessed Value * tax rate (4% if you live in it 6% if rental) * millage rate

So for the home you are talking about work backwards with what you know

$800 tax currently on $120,000 home.

$120,000 * .04 = 4800 * x = 800 solve for x

x = 800/4800

x = .167 approx. millage rate if all above is accurate

Therefore your new tax if you qualify would be 2800 * .167 or $467.60

Now the above depends on if the above given information is accurate information.

Worked another easier way would take $50000 * .04 * millage = savings

Hope all this math is not confusing ;-)

[tnw]

Thanks so much for taking the time to figure this out. That was very nice of you. I really appreciate it!