Top 3 Ways to Lower Your Property Taxes
Everyone has heard the saying that there are two certainties in life: death and taxes.
While it is certainly true that we all pay taxes, what most don’t realize is that they are often paying too much for taxes. The local county relies on many assumptions when they assess the value of your property and those assumptions can be wrong.
This article will cover the top three ways you may be getting overcharged.
- Property Condition: The county does not know what the inside of your house looks like (unless you have completed permitted work). Many times they will assume it is in a similar condition as other houses on the street. If there are issues with the property such as being way out of date, leaks, structural problems, or it is just not livable then it is the duty of the homeowner to let the County know this. Please read our article on the ways your property value can be affected by it’s condition.
- Homestead exemption: South Carolina allows exemptions (no taxes paid) on the first $50,000 in the property’s assessed value if the property is your primary residence, you are a SC resident for at least a year, AND are legally blind, disabled or over 65. You may read more about the SC Homestead exemption here.
- 4% Legal residence exemption: If the property is your only legal residence in the US, you pay a 4% as opposed to a 6% tax assessment. This can add up to huge savings, but you have to provide proof and send in an application. Many people never send in the application or do so too late in the year to save for that year. The Charleston County application may be found here.
The one thing these three loopholes have in common is this: if you do not ask you will not receive…. a tax reduction. Many people wait until they are falling behind before they start asking questions. Unfortunately, you can not get past tax money back, but you can plan for the future.
