Out of State Investor starting to look at S. Carolina....

[Andrew Smith]

I've started looking at the Columbia area and have heard if you live out of state the property taxes are 6%.  Is that really the case? If so how can anyone make the numbers work?

[Casey Crowe]

Originally posted by @Andrew Smith:

So its literally 6% of the total value of the property.  So a $200k property is $12k a year in taxes alone?

No. The formula is:

Purchase price (or last appraised price, whichever is newer) x 4 or 6% x millage. In most areas that will be .45 - .57 or so. 

Occupant owners also get a break on the 1% state sales tax they passed a few years back whereas non-occupant owners do not. 

This is codified into the state constitution. My goal for the 2020 election is to get it changed. Because SFHs here literally rent for $1200 a month, and it's typically just covering the PITI.