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.  So let me see if I can help.

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 (.2601 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.  The final taxes owed are usually about half of the base rate.

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 (.2601) 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!