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http://www.lex-co.com/Departments/Assessor/ReassessmentFAQ.html
Legal residence refers to a special 4% assessment ratio for owner occupied homes. This results in a tax savings of over one-third of the tax bill compared to the 6% ratio if application for the special assessment is not made. For property tax purposes the term "Legal Residence" means the permanent home or dwelling place owned by a person and occupied by the owner thereof. It is the place where he intends to remain permanently for an indefinite time even though he may temporarily be living at another location. However, the same shall not include a residence maintained principally for vacation or recreational purposes (South Carolina Tax Commission Regulation 117-122) and homes occupied by the husband in one house and the wife in another.
To qualify for the special property tax assessment ratio allowed by this item, the owner-occupant must have actually owned and occupied the residence as his legal residence and been domiciled at that address for same period during the applicable tax year and remain in that status at the time of filing the application. The owner must have title (deed or will) or have an equity interest (Contract to Purchase which must be filed in the office of the county Recorder of Deeds Office) and the property must be occupied by the owner as his legal residence. The property can include not more than five acres contiguous thereto and be owned totally or in part in fee or by life estate, but shall not include any portion which is not owned and occupied for residential purposes.
Taxpayers who qualify for legal residence also qualify for additional relief as provided in the Property Tax Relief Act of 1995. This relief is applied to the first $100,000 of the property value using the school operating millage (1995) of the current millage rate as a deduction. The amount of the exemption is determined each year based on the South Carolina General Assembly revenue projections. If the owner obtains the (4%) ratio, and thereafter is found not eligible, or loses eligibility and fails to notify the assessor within six months, a penalty is imposed equal to one hundred percent of the tax paid, plus interest on that amount at the rate of one-half of one percent a month, but in no case less than thirty dollars nor more than the current year's taxes. (South Carolina Code of Laws
12-43-220(c)(1-5) |
