South Carolina residential property assessment ratio is:
Question & Answer
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100% of market value
A 100% assessment ratio would mean the full market value is taxed with no reduction, which no U.S. state applies in practice for residential property and would make South Carolina's property taxes among the highest in the nation rather than among the most homeowner-friendly.
4% of market value for owner-occupied
50% of market value
A 50% assessment ratio does not exist for South Carolina residential property; while some states use ratios in this range, South Carolina's owner-occupied rate is far lower at 4%, reflecting the state's intentional policy of encouraging primary homeownership.
10% of market value
A 10% assessment ratio applies to commercial and investment properties in South Carolina, not owner-occupied residences — confusing these two rates is a common error, but the 10% rate is specifically reserved for non-primary-residence and business properties.
Why is this correct?
Option B is correct because South Carolina Code § 12-43-220(c) specifically establishes the 4% assessment ratio exclusively for legal residences — properties that are the owner's primary domicile. This means that a home with a fair market value of $300,000 would have an assessed value of only $12,000 (4% × $300,000), which is then multiplied by the millage rate to determine the actual tax owed. The 4% rate is one of the lowest residential assessment ratios in the nation and is a significant financial benefit that South Carolina uses to attract and retain permanent residents.
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