Are You Sure You’re Receiving the Homestead Exemption?

Many South Carolina homeowners are unknowingly leaving valuable property tax savings on the table. At Heritage Law in Greenville, SC, we frequently meet with clients who qualify for the Homestead Exemption but have never applied.

Here’s what you need to know to make sure you’re receiving the benefit—and how it fits into your broader estate plan.

Homestead Exemption vs. the 4% Tax Ratio

First, let’s clarify a common point of confusion: If your home is your primary residence, it should already be assessed at the 4% property tax ratio. That’s different from the Homestead Exemption, which exempts the first $50,000 of your home’s fair market value from property taxes, thus further reducing your property taxes each year.

Who Qualifies for the Homestead Exemption?

To qualify, you must meet all three of the following requirements:

1. Age or Disability

You must meet one of the following:

• Be 65 years of age or older;

• Be declared totally and permanently disabled by a federal or state agency; or

• Be legally blind, as certified by a licensed ophthalmologist.

2. Ownership

You must have a qualifying ownership interest in your primary residence, such as:

• Fee simple title,

• A life estate, or

• Certain qualifying trust or joint ownership interests.

3. Residency

You must have been a legal resident of South Carolina for at least one year as of December 31 of the prior tax year.

Don’t Miss Out—Many People Do

At Heritage Law, we’ve helped clients who were eligible for the Homestead Exemption for 10, 15—even 20 years, but never applied. That adds up to thousands of dollars in missed tax savings.

If you’re unsure whether you’re receiving the exemption, just contact the Auditor’s Office in the county in which you reside to check your status.

What Else Should You Know?

• Annual Renewal? Once granted, the exemption renews automatically each year.

• Moving? If you move to a new home, you must reapply.

• Joint Owners? If more than one person owns the property, only one owner needs to qualify for the exemption to apply.

  
  

Why This Matters for Estate Planning

Your estate plan should take into account not only your long-term goals but also your current financial benefits. If you’re helping a parent or loved one with their affairs—or updating your own estate plan—confirming eligibility for the Homestead Exemption is a smart move. Don’t miss these kinds of financial opportunities as part of your estate planning.