Questions about this
Why is my assessed value only 4 percent of what the house is worth?
Because South Carolina law sets the ratio. A home you live in as your legal residence is assessed at 4 percent of fair market value, and second homes, rentals and other residential property at 6 percent. You have to apply to the county assessor for the 4 percent rate; it is not automatic when you buy, and missing it means paying half as much again.
What is the difference between 4 and 6 percent in dollars?
On the same house and the same millage, the 6 percent rate is 50 percent higher than the 4 percent rate, and a legal residence is also exempt from the school operating millage on top of that. For anyone moving to Charleston and buying their main home, filing the legal residence application in the first year is the single biggest property tax decision they make.