South Carolina Point-of-Sale Exemption Applications Are Due January 31, 2023
Kevin Baker, Manager 404.334.9441 | kevin.baker@ryan.com
The state of South Carolina has a point-of-sale reassessment, meaning that when a property sells, it is reassessed at the fair market value, usually the sales price. In the past, this reassessment often resulted in dramatic property tax increases for those properties sold. However, there is a provision that allows for a possible exemption of up to 25% when a property sells at a higher price than its current tax assessment.
While this exemption was put in place to mitigate potential increases in property taxes, it is NOT automatic and ONLY applies to qualified properties that were purchased in the 2022 calendar year.
What You Need to Know
- The exemption only applies to qualified properties purchased in 2022.
- The owner must apply for the up to 25% exemption by January 31, 2023.
- The exemption does come with a lower limit that is the current assessed market value and applies only to commercial and non-primary residential properties with an assessment ratio of 6%.
- This exemption is invalidated by county-wide reassessments that occur every five years in South Carolina counties.
- Contact the local tax assessor’s office or visit the website for the form.
If you purchased a property in South Carolina within the 2022 calendar year, we want to make sure you are taking full advantage of this opportunity to minimize your property taxes. Please contact me if you need more information about this exemption or if you have any questions or concerns about your property taxes in South Carolina.