Under state law, all property in South Carolina is appraised at 100% of its fair market value and assessed at one of the three mandated ratios. The ratios are as follows:

4% - Legal residents and qualified agriculture

6% - Commercial, rental, vacant land, etc.

10.5% - Industrial, automobiles, boats

Property is assessed at a certain percentage of appraised or market value. Multiply the market value by the residential, commercial or personal percentage to arrive at assessed value. The amount of tax you pay is determined by millage rate in relation to the assessed value. Millage rate is the factor which must be applied to the assessed value of all property in the County in order for the County and cities to meet their budgets for any given year. A city rate of 48 mils means that you are taxed $.048 per one thousand dollars ($1,000) on the assessed value.

City Taxes

Commercial $.050 per $1,000 on 6% of appraised value

Residential $.050 per $1,000 on 4% of appraised value

Personal $.050 per $1,000 on 10.5% of appraised value

County Taxes

Commercial $.199 per $1,000 on 6% of appraised value

Residential $.199 per $1,000 on 4% of appraised value

Personal $.199 per $1,000 on 10.5% of appraised value

Tax Abatements

Oconee County provides tax abatements for:

New industry which pays only the school portion of county taxes for the first five years.

Homestead Exemption is provided for residents 65 years or older, totally disabled or legally blind in the amount of $20,000 of market value.

South Carolina state property relief exempts the first $100,000 from school operation millage on all legal residences.

State Income Tax

7% of Federal Adjusted Gross income. Some South Carolina State deductions are allowable dependent upon individual circumstances.

Sales Tax

6% on most goods