Here in SC like many states we have a convoluted way of calculating your property taxes, but below I have devised a simple way to calculate what your property taxes will be within a few cents or dollars. Since there are so many Charleston SC properties  are second homes and/or investment properties there are a different set of rules for calculating your yearly real estate taxes than those with primary residence. The Homestead Exemption is ONLY for primary residence in state of South Carolina for you to pay the lowest property taxes. Any residential properties that are not your primary residence will be assessed at the 6% millage rate, and when you purchase a new property the new assessed value will be the purchase price so your taxes will be based on the final closed sale price. A simple rule of thumb to quickly get an idea of what your taxes will be if a real estate property are currently based on a primary home rate of 4% and you’re buying it as something other than primary residence is to double what it currently is, but to be safe use our simple calculator or tables below.

The following class specific percentages are used to determine the assessed value of the property for purposes of taxation:
Primary Residences: 4.0% of fair market value Agricultural Property (privately owned): 4.0% of use value Agricultural Property (corporate owned:) 6.0% of use value Other real estate (such as second homes, investment property etc): 6.0% of fair market value.

Example of $1,000,000 for Primary residence at 4%
Based on Primary Residence located in Downtown Charleston. Millage rate varies from municipality to municipality.

Example at 1,000,000 for Secondary residence at 6%
Based on a Residence located in Downtown Charleston. Millage rate varies from municipality to municipality.

Berkeley County Taxes
2015-2016 MILL RATES – click here

As for sellers deed Stamps In South Carolina, the formula for the transfer tax, mostly referred to as deed stamps is $1.85 per $500 of consideration; this is the combined amount for city, county and state taxes. Example:
$100,000 sale: $100,000/$500= 200 x $1.85= $370 total.

The transfer tax of $370 is paid directly to the County Register of Deeds by the closing attorney. Transfer taxes are paid at the recording of the deed only, but property taxes are paid every year by the owner of the property.
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Tax Objection:

* Property Tax Credits are applied in Charleston and Berkeley Counties.
**Always check with your county assessor as other charges may apply
*** Tax Auditor’s office 843-958-4200

In addition, homeowners at age 65 are exempt from property tax on the first $50,000 of the value of their legal residence, once they apply for the Homestead Exemption at their local county auditor’s office. And property taxes for homeowners are generally low in South Carolina, as legal residences are exempt from the property tax that funds public school operations.

Tax Estimator

Disclaimer: This estimator is designed to give the taxpayer or prospective buyer an estimate of property taxes for a parcel of real estate. The results will be based on a few parameters the user enters. This is in no way intended to be a final tax bill and the site’s owners/managers in no way shall assume any liability for any error or inaccuracies. As always, if you have questions it is best to contact a real estate attorney or the tax office directly.