finance

4% Legal Residence Assessment Ratio (South Carolina)

South Carolina assesses real property at market value times a statutory ratio: 4% for an owner-occupied legal residence and 6% for other real property such as second homes and rentals. The owner must apply, certifying the home is the legal residence and is not rented more than 72 days a year; the ratio does not pass to a buyer, who must file a new application. Separately, the homestead exemption removes the first $50,000 of value for one-year residents who are 65 or older, totally and permanently disabled, or legally blind.