Homestead Exemption - Kwest Mortgage Group, LLC

Homestead Exemption can Save you Money

The Homestead Exemption is a complete exemption of taxes on the first $50,000 in Fair Market Value of your legal residence. It’s available for homeowners who are 65 or older, who are totally and permanently disabled, or who are legally blind.

Do I Qualify?

To qualify for the Homestead Exemption, you must meet one of the following requirements as of December 31 preceding the tax year:

What is the benefit of the homestead exemption?

Under the Homestead Exemption, the first $50,000 of the Fair Market Value of qualifying recipient’s legal residence is exempt from their property taxes.

Property tax liability without the homestead exemption:

Fair Market Value of home

$100,000

Multiplied by 4% Property Tax rate:

$4,000

Multiplied by mileage rate (.285*):

$1,140 Total Taxes Due

Property tax liability with the homestead exemption:

Fair Market Value of home:

$100,00

Minus the Homestead Exemption (50,000)

$50,000

Multiplied by 4% Property Tax rate:

$2,000

Multiplied by mileage rate (.285*):

$570.00 Total Taxes Due

What documents will i need to apply?

Here are some of the common documents used as proof of eligibility for the Homestead Exemption:

If applying due to age

your birth certificate, South Carolina driver's license, or South Carolina identification card

If applying due to disability

documentation from a state or federal agency certifying your disability

If applying due to blindness

documentation from a licensed ophthalmologist certifying your blindness

Does a surviving spouse qualify?

Yes, the surviving spouse of a qualified or potentially-qualified Homestead Exemption recipient may receive the benefit if their spouse was eligible for the Homestead Exemption at the time of their death. The surviving spouse must also

How do i apply?

County Auditors administer the Homestead Exemption Program at the county level. Visit your County Auditor’s office or website to get started.

Will I ever need to reapply?

Certain changes would require Homestead Exemption recipients to reapply, including but not limited to