How to Save Money on Your Property Taxes- Exemptions Tips- Columbia, SC Real Estate

How to Save Money on Your Property Taxes- Exemptions Tips- Columbia, SC Real Estate

South Carolina has one of the lowest per capita tax rates in the country, according to the U.S. Bureau of the Census. With tax season coming up, it is helpful to take advantage of the many intricacies of exemptions. In South Carolina you can use the Homestead Exemption Act to save a couple hundred dollars this year on your property taxes. Many people have saved over $300!

This act lowers the taxable value of your home by $50,000 if you have lived in South Carolina for a year, you own your home with the name on your need, and you are any of these:

– 65 years old or older

– 100% Permanently Disabled

– Legally Blind

– At least 50 years old of age when your spouse dies who qualifies for the Homestead Exemption

The deadline to apply for the act is the day before for the tax bill would incur penalties.

Scenario:

The applicant holds one-third owner interest and the other two-thirds interest is held by a brother and sister equally who both claim residence elsewhere or otherwise do not meet the eligibility requirements for the homestead exemption.

Calculation:

$50,000 x .33 = $16,650 of the fair market value of their legal residence would be tax immune

There are actually a couple options for those who own their home. You can apply for Owner-Occupied Status which is a large discount. Additionally, South Carolina’s “property tax relief” law means homeowners are exempt from all property taxes levied for school operating purposes on a legal residence.

To learn more about saving money on your property taxes, contact us at our Exit Real Estate Solutions website. As real estate Experts, we can also provide assistance in the Columbia area if you are looking to buy or sell a home.

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Columbia,SC EXIT Real Estate Solutions – Jae Kim, Broker

Buying or selling a home or property should be one of the most enjoyable experiences of your life.  Most of the time, it’s the largest investment you will make.  Jae Kim of EXIT Real Estate Solutions in Columbia, SC is your Award Winning Real Estate expert in Blythewood, Columbia, Lugoff, Elgin, Lexington, Irmo, Chapin, Camden, Cayce, West Columbia, and the rest of Greater Columbia.  This is what we do every day.  We can simplify the process for you so that you can enjoy the the experience and avoid the pitfalls that often result in stressful transactions.  Call 803-348-3052 today for World-Class, Award- Winning representation.

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About Jae Kim, Broker/Owner - EXIT Real Estate Solutions

Jae Kim is a an expert Realtor®/Broker in the Greater Columbia Area including the cities of Blythewood, Columbia, Lugoff, Elgin, Lexington, Irmo, Chapin, West Columbia and more. Jae has in depth knowledge and experience in many large neighborhoods including Lake Carolina, LongCreek Plantation, Crickentree, Wildewood, Woodcreek Farms, Governors Grant, Ascot, Ashford, Chestnut Hill Plantation, and Saluda River Gardens. He can help you find anything you are searching for, including homes, houses, condominiums, lots, land, townhomes, foreclosures, short sales and real estate listings for sale. He also has extensive experience in relocations, military transfers, & investments. Jae Kim is a Georgia Tech graduate in Mechanical Engineering. He worked for 12 years in distribution and manufacturing management with companies like Amazon.com, Target, Mobil Chemical , WR Grace , and QVC. Jae has extensive experience in the real estate industry from past purchases and sales (renovations, foreclosures, short sales, duplexes, quads, apartments, commercial property, resort land, etc...). He leverages his experiences to help his clients and their needs. Jae began his real estate career with Coldwell Banker in Camden,SC. He had his first full year in 2005 (see below). Jae moved to RE/MAX in 2007 and started his team. In 2008, Jae became a broker and his team maintained an average of 40 listings with an average price of $200,000. In 2009, Jae received the prestigious CRS designation, placing him in the top 4% of all real estate sales agents nationwide. In May 2009, EXIT Real Estate Solutions, opened its doors to the public with Jae Kim as the Owner/Broker-in-Charge. Jae has exceeded $40,000,000 in transactions and continues to remain in the top 1% of agents in the Greater Columbia area. Jae was the 2010 Top EXIT Realtor® in Greater Columbia and #3 in the entire state. Jae has just recently opened his second office in Irmo, SC and is excited to continue with this success and grow! Recently, Jae Kim was recognized by The State Newspaper for his sustained success in real estate despite the hard market conditions. Previous clients have been overwhelmed with joy after working with him. Many are shocked how quickly he is able to sell their property, and others are thrilled about how easy and stress-free he makes the process of buying or selling a home. They have appreciated his broad knowledge base along with the endless tips and advice he is able to provide. Additionally, they assert that Jae’s hard work, commitment, and professionalism make him THE Realtor® to work with! In his free time, Jae enjoys spending
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