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We are considering relocating to South Carolina in a couple years to escape the harsh winters and high taxes of Central New York. The property taxes in SC are attractive enough when compared to NY but the homestead exemption makes it even more appealing. I see that you have to be 65 or older to qualify for this exemption but does that mean both spouses of a married couple have to be 65 or just one? My wife is 2 years younger than me.
We are considering relocating to South Carolina in a couple years to escape the harsh winters and high taxes of Central New York. The property taxes in SC are attractive enough when compared to NY but the homestead exemption makes it even more appealing. I see that you have to be 65 or older to qualify for this exemption but does that mean both spouses of a married couple have to be 65 or just one? My wife is 2 years younger than me.
As long as one spouse is over 65 and you pay taxes in arrears so it’s really two years before you can apply but then the previous year’s taxes drop. It’s kind of confusing. But you can google the county you’re interested in and look at the information. They can explain it better.
There are multiple property tax exemptions and rate schedules in SC. You have the homestead exemption for those over 65, a different rate for your primary residence vs. other property, and an exemption on the school tax. It can be confusing but I think it all gets explained in this PDF from Lexington County:
There are multiple property tax exemptions and rate schedules in SC. You have the homestead exemption for those over 65, a different rate for your primary residence vs. other property, and an exemption on the school tax. It can be confusing but I think it all gets explained in this PDF from Lexington County:
Thanks for the link which is very helpful. I assume that it means when one of the property owners turns 65 and not both but it really doesn't specifically state that.
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