If you are a homeowner in Charleston, South Carolina, it’s essential to complete an application for official residency to become eligible for a 4% tax assessment reduction and exemption. We will provide comprehensive information on the process of obtaining legal residency, the application process, and how Charleston real estate agents, experts in Charleston tax assessments, can assist you in this process.
What is Legal Residence?
Legal residence simply refers to a home that is occupied by the owner. Other factors that define this type of property include a limit of five acres of land and partial ownership or occupation by the owner.
An Overview of Legal Residence Taxation
Such properties are taxed on 4% of their market value. A local rate is also applied to this value to calculate how much tax is due. Apart from the special assessment ratio of 4%, a legal residence can also be exempt from taxes for school operating purposes.
In order to qualify, the owner must have owned and occupied the property as their legal residence for some period during the applicable tax year. Should the property also contain rental homes or a business building, it should be noted that the 4% exemption does not extend to these structures.
You can fill out this form to apply for legal residence.
Charleston Real Estate Agents – Charleston Tax Assessment Experts
This tax exemption process has more intricacies than what we’ve covered, and most are based on your own personal situation. For this reason, it’s a good idea to get an expert to guide you every step of the way. Contact our team at Charleston Empire Properties today to answer any questions you may have about this tax exemption, whether you qualify, and how to apply!