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Buying Property in South CarolinaBuying Property in South Carolina

South Carolina's property tax ratios, flood rules and HOAs shape the true cost of ownership.South Carolina's property tax ratios, flood rules and HOAs shape the true cost of ownership.

The processThe process

  1. Licensed agentLicensed agent — Work with an SC-licensed REALTOR®.Work with an SC-licensed REALTOR®.
  2. 4% vs 6% ratio4% vs 6% ratio — A primary residence qualifies for the 4% legal residence assessment ratio; second homes and rentals are assessed at 6% — apply with the county assessor.A primary residence qualifies for the 4% legal residence assessment ratio; second homes and rentals are assessed at 6% — apply with the county assessor.
  3. Flood zonesFlood zones — Check FEMA flood maps, elevation certificates and flood insurance costs, especially on barrier islands.Check FEMA flood maps, elevation certificates and flood insurance costs, especially on barrier islands.
  4. Attorney closingAttorney closing — South Carolina requires an attorney to conduct the closing.South Carolina requires an attorney to conduct the closing.

Taxes, flood & HOAsTaxes, flood & HOAs

Deed recording feeDeed recording feeState and county fees per $500 of value.State and county fees per $500 of value.
Property taxProperty taxRatio of 4% (legal residence) or 6% (other) times millage.Ratio of 4% (legal residence) or 6% (other) times millage.
Flood insuranceFlood insuranceNFIP or private policies in high-risk zones.NFIP or private policies in high-risk zones.
HOAsHOAsGated islands and communities charge dues, transfer fees and capital contributions — review covenants.Gated islands and communities charge dues, transfer fees and capital contributions — review covenants.

General information only, not legal or tax advice. South Carolina closings are attorney-led — confirm with an SC attorney.General information only, not legal or tax advice. South Carolina closings are attorney-led — confirm with an SC attorney.

SourcesSources: SC Department of Revenue · FEMA Flood Map Service · SC Real Estate Commission

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