~ South Carolina Real Estate Tax and Income Tax Information ~

For other questions, please see our Frequently Asked Questions page.

Real Estate Property Taxes

South Carolina real estate taxes are lower than many other states' taxes. They are even lower if you make your SC home your primary residence.

Both Pickens County and Oconee County Assessors provides Property Tax Estimator calculators.

  • Pickens County. If eligible, be sure to subtract your $50,000 Homestead Exemption first! This calculator doesn't have a way to automatically deduct it.
  • Oconee County. Please be sure to check the boxes, if applicable, for your homestead exemption and primary residency (Legal Resident on the form). This form also allows you to calculate property taxes for your personal vehicles, business vehicles, heavy trucks and boats.

Below is how to calculate the tax manually.

For a vacation home (not your primary home) or vacant land:

  1. Start with the sale price. That will be your market value.
  2. Multiply the market value by 6%. This is your assessment value.
  3. Multiply the assessment value by the County millage rate (in Oconee County, that is about 0.2219 in 2018). This is your tax.

For a $200,000 lot or vacation house, that would be $200,000 x 0.06 x 0.2219 = $2,662.80.

For your primary home, this is the easiest way to get close:

  1. Start with the sale price. That will be your market value.
  2. If you are 65 or over, blind or 100% disabled, subtract $50,000 from the market value. This is the Homestead Exemption.
  3. Multiply the reduced market value by 4%. This is your assessment value.
  4. Multiply the assessment value by the County millage rate (in Oconee County, that is about 0.2219 - 0.1153 = 0.1066). The School Operations Tax is removed.

For example, if you are 65 and you bought a house for $600,000, first subtract $50,000 to get $550,000. After that, the approximate tax is $550,000 x 0.04 x 0.1066 = $2,345.20.

For more information, please see the Oconee County Assessor web site.

Incorporated Towns and cities also add their own millage rates. Most Lake Keowee subdivisions are not inside incorporated area.

South Carolina Income Taxes

South Carolina state income tax is explained on the SC Department of Revenue web site. “South Carolina has a simplified income tax structure which follows the federal income tax laws. South Carolina accepts the adjustments, exemptions and deductions allowed on your federal tax return with few modifications. Your federal taxable income is the starting point in determining your state income tax liability. Individual income tax rates range from 0% to a top rate of 7% on taxable income. Tax brackets are adjusted annually for inflation.”

South Carolina provides a partial exemption on military retirement income. In 2019, that exemption is $27,000 for ages 65 and over. It will increase to $30,000 in 2020. There is a smaller exemption for ages 64 and under. Please see this article on Military.com for more information.

There are several exemptions and credits that can make South Carolina income taxes lower than many other states (even compared to states that have lower rates). Exemptions include (among others) no tax on Social Security Retirement and disability retirement income, plus several credits such as dependent and child care, nursing care, two wage-earner credit, etc. Please contact a South Carolina tax professional for the most accurate information for your situation.