How does the property tax system work?

In simplified terms, there are three elements to South Carolina’s property tax system:

  • Assessment ratio
  • Market value
  • Tax rate

The tax rate is generally reflected in "mills," or "millage rate." A tax mill represents a tax liability of one penny per $1 of assessed value; for example, a tax rate of 300 mills translates to $0.30 tax per $1 of assessed value. 

This is true for both real estate and personal property.

Show All Answers

1. How does the property tax system work?
2. What do you mean by assessment ratio?
3. If I mail my tax payment, what is the last date it can be postmarked before being considered late?
4. Whom do I complain to about high taxes?
5. What is the value of a mill and does it change?
6. How do I apply for a military exemption on my mobile home?