Property Taxes

Charleston area property taxes for primary home owners are some of the lowest in the country.  As a matter of fact, in a recent publication, we were ranked #45 of of the 50 states.  However, understanding and calculating them can be an adventure.

The number one thing to remember is that the taxes you see online, or what someone currently pays, have NOTHING to do with what you will actually pay. 🙂

So let me see if I can help. Below is a short explanation, and if you want some examples as well, check out the post I wrote about this topic!

Primary Home

If your home in Charleston is your primary home, you benefit from a 4% tax rate.  So what does that mean?  Take the sales price, multiply it by 4%, then multiply that by the millage rate (.2639 on the Peninsula) and you have your base rate.  But then there are tax credits as well! Here’s a great tax calculator from the Charleston County website that should give you a reasonable estimate.

Second/Vacation Home or Investment Property

The second home or investment property rate is higher at 6%, and you don’t benefit from the deductions.  So to estimate your taxes on your great ‘other’ place, take the sales price, multiplied by 6%, multiplied by the millage rate (.2639) and you’ve got your number.

**For the most accurate assessment of your potential taxes, please discuss with an attorney or a tax professional.  These are just guidelines given to you, from me!

3 Responses to Property Taxes

  1. randy chitwood says:

    Your advice is I am sure well meaning but it leaves out a very critical component. There is a very substantial credit that is received for primary residence that is not received for second homes that results in the tax bill of the second home to be far greater that the difference between 4 and 6 percent. A tax bill for a primary residence that is in the vicinity of 2400 goes to over 7000 for a second home not the 150% of the primary residence as this leads one to believe.

    • Hi Randy! Thanks so much for your comment and for coming to my blog. I actually do mention the additional credits in the primary home section, but leave it to the estimator to do the calculations on them. Primary home taxes end up being almost 1/3 of second home taxes!

  2. Pingback: How much will you pay in Property Taxes in Charleston? |

Leave a Reply

Your email address will not be published. Required fields are marked *

Are you real?? :) * Time limit is exhausted. Please reload the CAPTCHA.