SC property tax assessment ratio for residential owner-occupied property is:
Correct Answer
B) 4% of fair market value for primary residences (with 6% for other residential and commercial)
SC has favorable property tax rates: 4% assessment ratio for owner-occupied primary residences, 6% for other residential and commercial property. This makes SC attractive for homeowners.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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