The Homestead Exemption in South Carolina is a property tax reduction available to homeowners who are 65 years or older, legally blind, or totally and permanently disabled — and who have lived in their home for at least one year.
If you qualify, the first $50,000 of your home’s fair market value is exempt from property taxes for school operating costs, saving you hundreds of dollars each year.
For Lake Marion residents — especially retirees or disabled veterans — this can make a real difference. Carolina Properties at Lake Marion helps clients ensure their homes and finances are optimized before and after purchase.
Who Exactly Qualifies for the Exemption?
To qualify for the Homestead Exemption in South Carolina, you must meet all of the following requirements:
Legal residence: You must own and occupy the home as your legal primary residence
One year of residency: You must have lived in the home for at least one year prior to applying
One of the following applies to you:
- You are 65 years or older, OR
- You are certified totally and permanently disabled, OR
- You are legally blind, as certified by a licensed physician
Pro Tip: Only one owner needs to meet these qualifications — so if you co-own your Lake Marion home with someone who qualifies, you can still get the exemption.
How to Apply for the Homestead Exemption
Applying is easy — but only if you know where to go:
- Visit the County Auditor’s Office where your home is located (for Lake Marion, that could be Orangeburg, Clarendon, or Berkeley County)
- Bring proof of eligibility, such as:
- South Carolina driver’s license or ID card
- Proof of disability or blindness (if applicable)
- Proof of ownership and residence (like a deed or utility bill)
- Complete and sign the application
- Reapply if ownership or residency changes (you don’t need to reapply every year if nothing changes)
Carolina Properties can guide clients through this process and even recommend local contacts if you’re relocating to the Lake Marion area.
How Much Can You Save?
The Homestead Exemption removes the first $50,000 of your home’s value from taxation for school operations. That doesn’t mean you skip all property taxes — but it significantly reduces your total bill.
Example: If your Lake Marion home is assessed at $200,000:
- Without the exemption: You pay property taxes on the full $200,000
- With the exemption: You pay taxes on just $150,000
Savings can range from $200 to $800 or more annually, depending on your location and tax rate.
And it’s not just seniors who benefit. If you’re a veteran, disabled homeowner, or supporting a disabled spouse, this exemption helps preserve your home and budget.
Why It Matters for Lake Marion Buyers and Sellers
For buyers:
- The exemption doesn’t transfer automatically — the new owner must reapply if they qualify
- Knowing your potential eligibility can help you plan long-term affordability
For sellers:
- If you currently claim the exemption, you may want to notify the buyer so they understand the difference in taxes once they take ownership
For retirees relocating to Lake Marion:
- South Carolina is one of the most tax-friendly states for seniors
- You can plan to keep more of your income while enjoying lakefront living
Carolina Properties help clients understand the full picture — not just the sale price, but the tax outlook, too.
FAQ: South Carolina Homestead Exemption
Q: Do I need to apply every year?
No. Once approved, the exemption renews automatically unless your ownership or primary residence status changes.
Q: What if my spouse qualifies but I don’t?
As long as one owner qualifies and the home is the primary residence, the exemption can still apply.
Q: What if I move to another home in South Carolina?
You’ll need to reapply for the exemption at the new residence.
Q: Do I lose the exemption if I rent out part of my home?
Only if the property is no longer your primary residence. Partial rentals may affect eligibility.
Q: Can I qualify if I live in a mobile home or manufactured home?
Yes, as long as you own both the home and the land it sits on and meet other qualifications.
🏡 Plan Ahead With Carolina Properties
Buying or selling near Lake Marion? Don’t overlook the tax benefits that come with strategic timing and proper planning.
At Carolina Properties, we:
- Help eligible buyers apply for Homestead Exemption
- Walk new homeowners through local property tax rules
- Connect sellers with legal and tax professionals to prepare for closing
- Offer market insights for retirement buyers looking for long-term value
Call Carolina Properties Today to maximize your home investment and minimize unnecessary taxes.
Disclaimer:
This article is for informational purposes only and is not intended as legal, financial, or real estate advice. Please consult with a licensed professional for personalized guidance.