How to Calculate Property Taxes in South Carolina
Understanding Millage Rates and Property Taxes in Columbia, SC
Calculating Property Taxes in South Carolina
To calculate your property taxes, use the following formula:
Find the assessed value of your property (usually 4% of the market value for owner-occupied homes).
Convert the millage rate to a decimal by moving the decimal point three places to the left. Multiply this by the assessed value of the property.
For example, a $200,000 home in Richland County taxed at 127.7 mills would owe around $1,022 in property taxes (200,000 x 0.01277).
What is a Millage Rate?
Property taxes in South Carolina, are determined by a system known as the millage rate, which is the amount of tax paid per $1,000 of assessed property value. The millage rate varies across different counties and jurisdictions based on the financial needs of each local government.
Here are some examples of Millage Rates in the Columbia, SC area.
(Richland, Lexington, Kershaw, and Fairfield Counties)
Columbia spans several counties, including Richland, Lexington, Kershaw, and Fairfield. Each county sets its own millage rates, which are used to calculate property taxes for funding county operations, schools, and other services.
- Richland County: For the 2023 fiscal year, the millage rate in Richland County is approximately 127.7 mills (0.1277). This rate funds county services, including public safety and schools. Richland’s rate is higher due to its large population and urban infrastructure. You can find more details on the South Carolina Association of Counties website.
- Lexington County: The 2023 millage rate for Lexington County is around 94.19 mills (0.09419). Lexington, being more suburban and rural, has lower rates but still provides critical services. More information is available on the Lexington County Auditor’s page.
- Kershaw County: In Kershaw County, which includes northeastern suburbs of Columbia, the millage rate for 2023 is 94.30 mills (0.0943). This supports schools, public services, and infrastructure. Find more details at the SC Revenue and Fiscal Affairs Office.
- Fairfield County: Fairfield County has a higher millage rate, around 191.9 mills (0.1919), due to its rural nature and fewer taxable properties. This higher rate is necessary to fund the budget for county services and schools. More information is available from the South Carolina Association of Counties.
Factors Affecting Millage Rates
Several factors contribute to the differences in millage rates across these counties:
- Population and Infrastructure: Richland and Lexington counties, with their urban areas, require more funding for public services like schools, roads, and public safety, whereas Fairfield and Kershaw counties have fewer properties contributing to the tax base.
- Public Services and Debt: Counties with large infrastructure projects or debt obligations may need higher millage rates to meet their financial needs.
- School District Funding: Education funding is a significant portion of the millage rate in all four counties, especially in larger districts like Richland 1 and 2.
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