What is the property tax rate in South Carolina?
South Carolina property tax averages 0.49% of market value for owner-occupied homes (Tax Foundation 2026, using the 2024 American Community Survey). Only a handful of states come in lower, and the figure is half of Minnesota’s 1.00% average.
That number describes homeowners, though, and South Carolina treats homes and rental buildings very differently. An owner-occupied legal residence is assessed at 4% of fair market value. An apartment building is assessed at 6%. At the same millage, a rental building pays 50% more tax per dollar of value than the home next door, and the real gap is wider: since Act 388 of 2006, owner-occupied legal residences are also exempt from school operating millage, which rental property still pays.
How South Carolina property tax is calculated
A South Carolina tax bill is fair market value times the assessment ratio times the millage rate. The county assessor sets fair market value, state law sets the assessment ratio, and the county, city, school district and special districts set the millage.
- Fair market value: set by the county assessor and updated in a countywide reappraisal once every fifth year (S.C. Code 12-43-217).
- Assessed value: fair market value times the ratio for the property’s class (S.C. Code 12-43-220).
- Millage: one mill is $1 of tax per $1,000 of assessed value. Your bill shows the levy for each taxing district.
- Tax: assessed value times total millage, divided by 1,000.
South Carolina assessment ratios
South Carolina assesses most apartment buildings at 6% of fair market value, the ratio for all real property not given another rate. The 4% legal residence ratio does not apply to businesses or rental property, and a homeowner loses it if the home is rented for more than 72 days in a calendar year.
| Property | Assessment ratio | Assessed value on $2,000,000 |
|---|---|---|
| Owner-occupied legal residence | 4% | $80,000 |
| Apartment buildings and other real property | 6% | $120,000 |
| Manufacturing and utility property | 10.5% | $210,000 |
The 15% cap on reassessment increases
When a county reappraises, the increase in a property’s taxable fair market value is limited to 15% within a five-year period. The cap comes from Act 388 of 2006, codified in Section 12-37-3140.
The cap does not apply to the value of additions or improvements, and it does not survive a sale. An apartment building that has not changed hands in a long time often carries a taxable value well below what it would sell for, because each five-year reappraisal could raise the value by no more than 15%. On a building with a current taxable value of $1,400,000, the next reappraisal can raise it to no more than $1,610,000, even if the market says $2,000,000.
Does a sale trigger reassessment in South Carolina?
Yes. A sale is an assessable transfer of interest, which subjects the property to appraisal at its current fair market value and wipes out the benefit of the 15% cap. Act 388 defines these transfers broadly.
The rule reaches entity deals, too. A transfer of more than 50% of the ownership interests in the company that holds the building, in one transaction or a series of related transactions, counts as an assessable transfer, so selling the LLC instead of the deed does not avoid it.
For a buyer, this is the most important property tax fact in South Carolina. The current bill on a long-held building is not the bill the buyer will pay. Underwriting should start from the purchase price times 6% times the local millage.
Millage rates in South Carolina
South Carolina millage is set locally and stacks: county operations, school district operations and debt, the city if the building is inside one, and special purpose districts such as fire or recreation. Totals vary a great deal between counties and even between tax districts in the same county.
We have not listed county-by-county rates on this page, because we could not confirm current figures from an official statewide source. Your tax notice lists each levy and the total for your tax district, and your county’s assessor or auditor can confirm the current figure. Use the total for your district, not a county average, when you model a building.
Improvements, new construction and the cap
The 15% cap protects the value you already have on the rolls, not value you add. Under Section 12-37-3140, the limit does not apply to the fair market value of additions or improvements, so a new building on the lot, a major addition or a full renovation is picked up at market value on top of the capped base.
That matters when you plan work before a sale. A large renovation in the year or two before you list raises the taxable value the seller pays, and then the sale resets the whole property to the price anyway. If the work is mainly to support the price, it can make sense to let the buyer do it and price the building accordingly.
Effective rate or your own bill: which to use
Use the 0.49% Tax Foundation figure only to compare South Carolina with other states. It divides median taxes paid by median home value for owner-occupied homes, all assessed at 4%, so it understates what a 6% rental building pays.
For your own building, start from the tax notice and then ask what a buyer would pay at the sale price. Two neighboring buildings can carry very different bills because one sold recently and was reappraised while the other has been capped for years. That gap disappears at closing, so the buyer’s number is the one that sets value.
How to appeal your property value in South Carolina
In a year when the assessor mails you an assessment notice, you have 90 days after it is mailed to object in writing. In other years, an appeal filed before the first penalty date applies to that tax year, and one filed later applies to the next year.
- Written objection or meeting request to the assessor: within 90 days after the notice is mailed (S.C. Code 12-60-2510).
- Conference: the assessor schedules it within 30 days of your request, or as soon as practical.
- Written protest: within 30 days after the conference if the matter is not resolved; the assessor generally responds within 30 days.
- County board of assessment appeals: within 30 days after the assessor’s response.
- Administrative Law Court: within 30 days after the board’s written decision.
Property tax breaks for South Carolina apartments
Apartment owners in South Carolina have no statewide reduced ratio like the 4% residence rate. The main protection is the 15% cap between sales. We could not confirm an apartment-specific statewide exemption from an official source for this page, so ask the county assessor about any program before you count on it, and check whether an exemption on your building ends at a sale.
One point on small buildings: the statute says the 4% value does not apply to rental properties, so if you live in one unit and rent the others, the rented units are taxed at 6%. Ask the assessor how your parcel is classified before you assume any part of it qualifies.
Worked example: property tax on a $2M South Carolina apartment building
These figures illustrate the method. The 300-mill total levy is an assumption for the example, not a published rate for any county. Use your district’s actual millage.
A 24-unit building in Spartanburg was bought years ago, and thanks to the 15% cap its taxable fair market value is $1,400,000. At 6%, its assessed value is $84,000, and at 300 mills the yearly tax is $25,200.
Now it sells for $2,000,000. The sale is an assessable transfer of interest, so the new taxable value is $2,000,000, the assessed value $120,000 and the tax $36,000 at the same millage. The buyer pays $10,800 a year more than the seller did. At an illustrative 6% cap rate, that extra expense takes about $180,000 off what a buyer can pay compared with a price based on the seller’s tax bill.
For comparison, if the same $2,000,000 property were an owner-occupied home at 4%, the tax at 300 mills would be $24,000, and less in practice, because a legal residence does not pay school operating millage.
| Scenario | Taxable value | Assessed value (6%) | Tax at 300 mills |
|---|---|---|---|
| Before sale, capped value | $1,400,000 | $84,000 | $25,200 |
| Next reappraisal without a sale, 15% cap | $1,610,000 | $96,600 | $28,980 |
| After sale, reappraised to price | $2,000,000 | $120,000 | $36,000 |
How property tax affects your sale price
Buyers value apartment buildings on net operating income, so a tax increase after closing comes straight off what they can pay. In South Carolina, the reset at sale means a long-held building’s low tax bill does not transfer. Expect a buyer to recompute taxes at the purchase price, and price your building with that in mind.
Bring the last three tax notices, the assessor’s current fair market value and any pending appeal to the first conversation with a buyer. If the county’s value is already close to market, say so; it narrows the gap between your bill and the buyer’s.
Selling an apartment building in South Carolina
Skyline buys apartment buildings with five or more units in South Carolina, from Charleston and Columbia to Greenville, Spartanburg and the Grand Strand. We buy directly, close on your timeline, and can work inside 1031 deadlines. We underwrite taxes at the new value up front, so the number we offer already reflects the reassessment.
For the tax on the sale itself, see South Carolina capital gains tax on real estate. For tenant rules a buyer inherits, see South Carolina landlord-tenant law for apartment owners.
