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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:
• Be 65 years of age or older
• Be declared totally and permanently disabled by a state of federal agency having the authority to make such a declaration
• Be certified as legally blind by a licensed ophthalmologist

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:
• Obtain the complete fee simple title or life estate of the legal residence within nine months after the qualifying spouse’s death
• live in the home as their legal residence
• Remain unmarried

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:
• If the ownership status of your home changes
• If your disability status changes
• If you rent your home
• If you are a surviving spouse and you remarry

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