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!
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!