Real Estate Taxes
North Carolina
Real estate taxes in North Carolina are collected by each county. The real estate tax owed is calculated by multiplying the assessed value of the property divided by 100 times the tax rate for the municipality:
Assessed value/100 x Tax Rate = Tax owed
The rates are set by the county assessors. Within counties there are various tax districts that add their own levies. A North Carolinian’s real estate tax liability is based on the property that he owns on January 1. The properties are appraised based on their true monetary value and reappraised at least once every 8 years. Click here to find your property tax rate at the North Carolina Department of Revenue website.
South Carolina
Real estate taxes in South Carolina are calculated differently than in North Carolina. The real estate tax is calculated by multiplying the Fair Market Value by the Assessment ratio by the Millage Rate.
Example: $200,000 fair market value of home
x 4% assessment ratio
$8,000 assessed value
x.250 millage rate (250 mils)
$2,000 taxes due
Homeowner Guide to Property Taxes in SC Floor Plan