Q.  How does the “Residential Exemption” for SC (Education Property Tax) Tax Relief approved by the General Assembly in 1995 apply to the taxes I’m paying on my real properties?

A.  Only your legal residence is eligible for the residential exemption.  The following is a detailed explanation of how the exemption works: 

• Up to $100,000 in market value (i.e. up to 4,000 assessment) of your legal residence is exempted from the education (school) property tax, adjusted to “cap” the relief per county using a formula based on population.  Due to state funding problems some property owners may see an adjustment in their “SC Tax Relief” compared to previous years.  The new tax bill provides the previous tax year information, if available.
• The impact on the five school districts in Lexington County on average in the 1995 tax year was a (+/-) 45% reduction in the property taxes paid on property that qualified for the “Residential Exemption,” according to the County Treasurer’s Office.  Subsequently, the state funds available to replace local property tax education funds to schools districts were “capped” due to state funding problems mentioned above.
• The County Auditor must equitably apportion the “capped” relief to each eligible taxpayer as close as possible to the intent of the original legislation.

Q.  I own rental and other commercial property that I did not get SC (Education Property Tax) Tax Relief on.  Is this a mistake?

A.  No.  SC (Education Property Tax) Tax relief is only applied to legal residence property under existing state law.