South Carolina Homestead Exemption Tax Benefit

The Homestead Exemption program exempts the first $50,000 of the value of your home from all property taxes.  Here is an example of how the Homestead Exemption Tax Credit works:

Without Homestead Exemption

Value of your home = $100,000
Multiplied by 4% ratio = $4,000
Multiplied by millage x .285
Total taxes due = $1,140

With Homestead Exemption

Value of your home = $100,000
Less Homestead Credit $(50,000)
New Value of home = $50,000
Multiplied by 4% ratio = $2,000
Multiplied by millage x .285
Total taxes due = $570

Now you probably want know how to qualify:

1. It must be your primary residence
2. You must be a legal resident of South Carolina for at least one year
3. Be at least 65 years old, be declared disabled by state or federal agency, or be legally blind

If all the above statements are true then you are qualified for the Homestead Exemption.