The cost of living index for McCormick County is 76 with 100 being the US cost of living index average.
The following is an example of a $200,000 appraised owner-occupied residence and a $400,000 appraised owner-occupied residence located in Savannah Lakes Village for the 2009 tax year. Owner-occupied residences are appraised at 4% while second homes are appraised at 6%. $200,000 Home Example:
Appraised Value: $200,000 x 4% = 8,000 property valuation (owner-occupied residence)
Appraised Value: $400,000 x 4% = 16,000 property valuation (owner-occupied residence)
South Carolina offers a homestead exemption for full time residents who have established a one-year residency and are age 65 or older, legally blind, or permanently and totally disabled. For residents who meet one of these criteria, the homestead exemption reduces the appraised value of your home by $50,000 for tax purposes. Based on the 2009 examples given above, the tax liability for the $200,000 appraised home would be reduced to $1,000.20 and the tax liability for the $400,000 appraised home would be reduced to $2,210.20. Again, the assessment ratio on a second home or vacation home is valuated at 6%. Property tax relief does not apply to a second home. To find out more about real estate taxes, call the McCormick County Tax Assessors office at 864.852.2931.
Personal property taxes are collected annually on cars, motorcycles, recreational vehicles, boats and airplanes, based on values listed in Department of Revenue publications supplied to counties. If you own a car valued at $10,000, based on the average statewide millage rate, your personal property tax would be about $173 annually. Call the McCormick County Auditor’s Office at 864.852.2107 for specific information regarding personal property taxes on cars, trucks, motorcycles, boats, RVs and airplanes.