In simplified terms, there are three elements to South Carolina’s property tax system:
- Tax rate: The amount generally reflected in “mills*,” or “millage rate.”
- Assessment ratio**: The percentage of the taxable value of property established by state law.
- Market value: The fair market value for both real estate (real property) and personal property.
Tax rates are set by the governing body where the property is located. County Council, School Boards, and the applicable city council and/or special purpose districts determine how much money must be collected to fund their budgets and the tax rate necessary to meet their budget. Property taxes make up only a portion of the total amount of revenue needed to fund the budget. Fees, state collected revenues and other sources of income make up the remainder.
*The value of a mill is always one tenth of a cent, or one thousandths of a dollar. For example, a tax rate of 150 mills translates to $.150 (15 cents) tax per $1.00 of assessed value. As your individual property increases or decreases in value, the value of a mill will increase or decrease in value on a county-wide scale. For current and prior year mill rates, please visit our "Millage Information" page.
**An "assessment ratio" is established by state law for each class of taxable property expressed as a percentage. It is the fair market value of a piece of property on a certain date, multiplied by the assessment ratio, which applies to that piece of property. For example, a 4% assessment ratio for an owner-occupied house, 6% assessment ratio for a motor vehicle or a secondary residence, etc.