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Understanding Property Taxes in the City of Anderson, SC


When buying a home in the City of Anderson, SC, it's important to understand how property taxes are calculated. These taxes are crucial for funding local services such as public schools, emergency services, and infrastructure maintenance. Here's a detailed breakdown of how property taxes are figured on homes in Anderson, SC.


tax rate in south Carolina


1. Understanding Assessed Value


The first step in calculating property taxes is determining the assessed value of your home. In South Carolina, the assessed value is a percentage of the market value of the property. For residential properties, the assessment ratio is typically 4%. For instance, if your home has a market value of $200,000, the assessed value would be $8,000 (4% of $200,000).


2. Millage Rate


The assessed value is then multiplied by the millage rate to determine the property tax amount. A millage rate is expressed in mills, where one mill is equal to $1 of tax for every $1,000 of assessed value. The millage rate in Anderson varies based on factors such as the needs of the local government, school district, and other municipal services.


As of the most recent data, the combined millage rate for Anderson County, including city and school taxes, is approximately 300 mills. However, it's important to check for the latest rates, as these can change annually based on budgetary requirements.


3. Calculating Your Property Tax


Let's put this information together with an example. If your home has an assessed value of $8,000 and the millage rate is 300 mills, your property tax calculation would be:


\[ \text{Property Tax} = \text{Assessed Value} \times \text{Millage Rate} / 1,000 \]


\[ \text{Property Tax} = 8,000 \times 300 / 1,000 = \$2,400 \]


Thus, the annual property tax on a home with a market value of $200,000 in Anderson, SC, would be $2,400.


4. Exemptions and Discounts


South Carolina offers various property tax exemptions that can significantly reduce your tax bill. The most common are:


- Homestead Exemption: Available for homeowners aged 65 and older, disabled, or legally blind. This exemption deducts $50,000 from the market value of your primary residence.


- Primary Residence Special Assessment Ratio: For primary residences, the assessment ratio is reduced from 6% (for other types of property) to 4%.


- Agricultural Use Exemption: Properties used for agricultural purposes can be taxed at a lower rate.


Make sure to apply for any exemptions for which you may be eligible to reduce your property tax burden.


5. Reassessments


Property values in Anderson are reassessed periodically to ensure they reflect current market conditions. This reassessment can affect your property's assessed value and, consequently, your tax bill. Reassessments typically occur every five years in Anderson County.


6. Appealing Your Assessment


If you believe your property has been assessed at a higher value than its actual market value, you have the right to appeal the assessment. The appeal process involves providing evidence, such as recent appraisals or comparable property sales, to support your claim.


Conclusion


Understanding how property taxes are figured in Anderson, SC, is essential for current and prospective homeowners. By knowing how assessed values and millage rates work, as well as taking advantage of available exemptions, you can better manage your property tax obligations. If you have any questions or need assistance with your property taxes, Realtor David Locke at Locke and Key Associates is here to help. With his expertise in the Anderson real estate market, he can guide you through the complexities of property taxes and help you make informed decisions about your home investment.



Understanding Property Taxes in the City of Anderson, SC

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