Property Taxes can make or break the affordability of a home purchase. Both NC and SC rank very well as far low taxes and even offer tax discounts. Per a recent WalletHub article, “the average American household spends $2,089 on property taxes for their homes each year”. Did you know that even if you rent a home, you pay property taxes? If property taxes are higher, then the landlord is going to charge higher rent so you are taxed as a tenant.
So how do North Carolina and South Carolina stack up to the rest of the U.S? Very well actually!
North Carolina ranks #19 in the U.S. at an average of $1471 taxes per year on average and South Carolina is #5 at only $984 taxes per year! If you purchase a primary residence in Horry County, SC which is the Myrtle Beach and surrounding area, you would not believe how low the property taxes can be. In NC, Jackson County has the bragging rights as the lowest tax rate at .2800 per $100 in value, but many others have low rates such as Brunswick (.485), Moore (.465), Craven (.4675), Macon (.3490), and the highest county rate is Scotland at 1.03 per $100.
Check out this map which shows the lowest to highest states for property taxes:
For retirees or disabled Veterans, Team Move is familiar with the steps to take in order to lower your property taxes or even be exempt from property taxes in certain areas of North Carolina and South Carolina.
Additional Property Tax Resources:
South Carolina Property Tax Exemption for 100% Permanently Disabled Veterans
Horry County, SC Tax Office Application for Legal Residence 4% Special Assessment Rate
North Carolina Property Tax Relief for the Elderly and Disabled