South Carolina Taxes

South Carolina has a simplified income tax structure that follows federal income tax laws. South Carolina accepts the adjustments, exemptions and deductions allowed on federal tax returns with few modifications.

Income Tax

Individual income tax rates range from 3% to a top rate of 7% on taxable income. Social Security benefits are not taxed in South Carolina. Retirement income is taxed, but there are generous deductions.

Estate Tax

South Carolina does not impose an Estate Tax or a Gift Tax.

Property Tax

Counties, cities, and school districts are authorized to impose ad valorem taxes on real and personal property. Local governments assess and collect most property taxes. Property tax dollars support public schools and the services provided by local governments.

The market value of a legal residence and up to five acres of surrounding land is assessed at 4% of fair market value. The millage rate of the local government is then applied to the assessed value resulting in the tax liability. The millage rate is set by local governments and varies widely throughout the state.

The fair market value of owner-occupied residential property receiving the 4% assessment rate is exempt from all property taxes imposed for school operating purposes.

For example, based on a $100,000 owner-occupied residence assessed at 4% with a millage rate of 200 mills, the property taxes would be $800. Again, millage rates vary from county to county.

If you have established a one-year residency and you are age 65 or older, legally blind or permanently and totally disabled, you are eligible for a homestead exemption of $50,000 from the value of your home.

The assessment ratio on a second home or vacation home is 6%. Property tax relief does not apply to a second home.

More Information

For more information, refer to the following document produced by the South Carolina Department of Revenue: Moving to SC.

Most homes and property listed by Jocassee Real Estate are in Oconee or Pickens counties. Use the links below to access local government sites.

Oconee County Assessor

Oconee County Government

Pickens County Assessor

Pickens County Government