(Residential) Real Estate Property Taxes: 101

I get more questions about (residential) real estate property taxes than any other subject or issue in a real estate closing – so here is your introduction to understanding residential real estate property taxes (often referenced as the “4% exemption”). (Assume for the purposes of this article that we are in Charleston County). In South Carolina, real property is taxed based on how it is used – at either the 4% assessment rate (for property used as one’s primary residence) or at the 6% assessment rate (other real estate, such as that used for investment/rental property or a second home/vacation condo). South Carolina law allows taxpayers who own and live in real property as their primary (owner-occupied) legal residence to…