County Taxes:
Folly Beach resides in Charleston County. County taxes are assessed
based on the use of the property. For example, if the property
will be your primary residence you will be taxed at four percent
of the assessed value times the milage rate (which is set by
local elected officials) in addition you will receive deductions
such as school tax or homestead tax credits which ultimately
lower the 4% assessed value.
If you will be using the property as a second home/vacation
property or you are purchasing a vacant piece of land, you will
be taxed at 6% of the assessed value of the property times the
milage rate. Second home/vacation properties do not receive
the homestead exemption & other tax credits.
I strongly recommend you check out the following Property
Tax Card example and in addition, call Charleston County’s
Assessors office prior to purchasing a property as tax laws
are constantly changing. I also encourage you to get a written
estimate from the tax assessor prior to closing:
843-958-4200 extension 4061.
(Millage Rate* x Assessment Ratio
** x Value***) – Tax Credits****
*set by local elected officials
**4% primary home; 6% rental, commercial, land, second home
***set by assessor and can be raised to the current sales
price (point of sale assessment)
****set by elected officials
Example of Charleston ‘s County Property Tax (Folly Beach
resides in this county): CLICK HERE
Homestead Tax Exemption for Charleston County:
http://taxweb.charlestoncounty.org/Docs/Tax/Auditor/faqs.html
South Carolina Income Taxes:
Individual Income Taxes:
http://www.sctax.org/default.htm
South Carolina Dept of Revenue’s General Tax
Guide for New Residents:
Moving to South Carolina Guide
www.sctax.org
Retiree Tax Information:
If you plan on retiring in the near future or are a retiree,
please view following informational websites:
Social Security Retirement Planner:
http://www.ssa.gov/retire2/near.htm
SC Department of Revenue Income Tax Frequently
Asked Questions for Retirees:
South Carolina Taxes for Retirees
Please visit my other website devoted to Charleston, SC Retirement
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