Understanding South Carolina's real and personal property tax structure involves a trip back to your high school algebra class. Essentially, the amount of tax you owe depends upon three variables:
(i) your taxable value
(ii) your assessment ratio
(iii) your millage rate
The equation is as follows:
Tax = Taxable x Assessment x Millage
Value Ratio Rate
When deciding whether or not to appeal, or how to otherwise lower your property taxes, the first step is to determine which of these three variables, if any, could be lowered in your favor.
To properly make such a determination, you must consider the following questions...
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