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Property Tax Discounts - General Questions

 

Q. I own a 10 acre parcel of land that I farm.  Can I receive a discount on my property taxes? 

 

A. A property that is being used for agricultural purposes or used to grow commercial timber may be eligible to be taxed on an agricultural use value instead of the property's market value.  The owner or owner's agent must submit to the Assessor an application for special assessment as agricultural real property before the first penalty date for the taxes due (typically January 15th).  The Assessor has an Agricultural use application available.  You can reference SC Code of Laws, Sections 12-43-220, 12-43-230 and 12-43-233 along with the SC Department of Revenue Regulations, Section 117-1780 for more information.

 

 

Q. I have just purchased a commercial property for more than the market value that the County has assigned.  Will my property taxes increase as a result?

 

A. The purchase of the property is considered as assessable transfer of interest (ATI).  This means that the County will reassign the property a new market value (likely the purchase price) for the following tax year.  If the land and buildings were taxed at the 6% rate at the time of purchase and will continue to be taxed at the 6% rate, there is allowed an ATI exemption that could reduce the property's taxable value by up to 25% of the new market value.  The owner or owner's agent must notify the Assessor of eligibility for this exemption before January 31st of the year that the exemption is first requested.  The Assessor has an ATI exemption application available.  You can reference SC Code of Laws, Section 12-37-3135 for more information.

 

 

Q. I am a residential developer and own several vacant lots in a subdivision.  Can I receive a discount on my property taxes?

 

A. A developer can apply for a multiple lot discount on or before May 1st of each tax year that the eligibility is being claimed.  The Assessor has a multiple lot ownership discount application available.  You can reference SC Code of Laws, Section 12-43-225 for more information.

 

 

Q. I am a licensed residential builder.  I have built several houses this year but have not been able to sell them all.  Is there a property tax discount for the unoccupied houses that were not sold?

 

A. There is available an exemption of the dwelling value based on certain circumstances.  The Assessor has an application to apply for this exemption.  You can reference SC Code of Laws, Section 12-37-220(B)(51) for more information.

 

 

Q. I serve on the board for my neighborhood homeowners' association (HOA).  Is there a property tax discount for the common area properties that are owned by the HOA?

 

A. There is allowed a special valuation fro common area properties that are owned by a homeowner association.  An application for this valuation must be submitted to the Assessor before the first penalty date for the taxes due (typically January 15th).  The Assessor has an application for the special valuation.  You can reference SC Code of Laws, Section 12-43-227 and 12-43-230 for more information.

 

 

Q. Are there any property tax discounts or exemptions other than the ones discussed above? 

 

A. Yes.  State law provides for a number of property tax discounts and exemptions that are discussed in detail on the SC Department of Revenue web site, www.sctax.org.