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Taxes

The Town of Edisto Beach has a millage rate of 19.53. 

Edisto Beach is a municipality of Colleton County and each residence pays taxes to Colleton County as well.  Colleton County collects the property taxes for the Town.  The Town's largest single source of revenue is property tax, which is 35% of the General Fund revenues.  South Carolina law allows municipalities to levy tax on real and personal property as assessd. 

Major revenue classifications are described below:

Property Taxes are levied on all residential, commercial, and personal property in the Town of Edisto Beach.  The tax levy is determined by market value, assessment ratio and millage.

Market Value is calculated by the Colleton County Assessor's Office using factors such as size, condition, location and recent selling prices of comparable properties.

Assessment Ratio is a percentage, which is multiplied by the appraised market value of a property to determine the assessed value.

    • Owner occupied residences - 4%
    • Commercial properties and other real properties - 6%
    • Vehicles - 7.5% of fair market value (unless non-personal)

Millage is a term used to describe the rate of taxes levied.  A mill is calculated at one dollar per one thousand dollars of assessed valued:

Example:  The property tax on a $400,000 owner-occupied home in the Town would be calculated as follows:

Market value                  $400,000

x Assessment ratio             x 4%

Assessed value               16,000

x Millage rate                 x.01789

Town Tax Bill                   286.24

Assessment Ratios

The following percentage of each class of property is used to determine the assessed value of the property for purposes of taxation:

Manufacturing Property 10.5% of fair market value
Utility Property 10.5% of fair market value
Railroads, Private Carlines, Airlines and Pipelines 9.5% of fair market value
Primary Residences 4.0% of fair market value
Agricultural Property (privately owned) 4.0% of use value
Agricultural Property (corporate owned) 6.0% of use value
Other real estate 6.0% of fair market value
Personal property 10.5% of income tax depreciated value

Manufacturing, utility, railroads, carlines, airlines and business personal property are assessed by the Department of Revenue. All other property is assessed by the county assessor. A state property tax is levied on private carlines and airlines based on the average statewide millage rate.

Graph of Tax Rates for Town of Edisto Beach

 

 

 

 

 

 

 

 

Graph of Tax Rates in Unincorporated Colleton County

 

 

Tax and Fee Information Related to Short-Term Rentals of Residential Property

  1. All property owners who rent residential units (i.e. houses, condo's and apartments) for any length of time must obtain a Town of Edisto Beach business license.  Business licenses can be obtained at Town Hall located at 2414 Murray Street.  For more information call the Building Department at (843) 869-2505 x 203.
  2. Unless the property qualifies as the primary legal residence of the owner according to the SC Code of Laws, Section 12-43-220, the property will be assessed at 6% of the assessed value for purposes of calculating property taxes.
  3. Residential Rentals for periods of 30 days or less (Town of Edisto Beach) or 90 days or less (for the State of South Carolina) require collection and remittance of the following taxes:

State of SC                        5.0%   State Sales Tax

State of SC                        1.0%   Local Option Sales Tax

State of SC                        2.0%    State Accommodations Tax

Town of Edisto Beach         2.0%    Local Accommodations Tax

Colleton County                  1.0%    Local Accommodations Tax

Total Tax                           11.0%

While an owner can designate their agent to collect and remit these taxes, the property owner is ultimately responsible for the payment of these taxes.  Contact information is as follows:

State of South Carolina

Department of Revenue

www.sctax.org

Additional Information about taxes can be obtained from http://www.sctax.org/NR/rdonlyres/12B9765B-2148-4A96-A84D-96649BF0469D/0/ST401_BK_030911.pdf

Town of Edisto Beach

Finance Department (843) 869-2505 x 214

Colleton County Information

Additional information on County taxes can be obtained from the the following offices in Colleton County:

Colleton County Assessor (843) 549-1213
Colleton County Auditor (843) 549-2131
Colleton County Treasurer (843) 549-5169

Additional Helpful Links

South Carolina State Department of Revenue

South Carolina Code of Laws

Frequently Asked Questions
Q. How often does a county wide reassessment occur?
Once every fifth year, each county in South Carolina must reassess the properties under its jurisdiction. Counties are on a staggered reassessment schedule. The Assessor must notify every person who is listed as the property owner as of December 31 of the prior year of any change in value or classification if the change is $1,000 dollars or more. In the fifth year, the County shall implement the reassessment program and assess all property on the newly appraised values.

Q. My property is mortgaged. Do I pay the taxes?
Your mortgage company usually pays your property taxes. Property owners whose mortgage company pays the property taxes may NOT receive a tax bill. If you receive a bill, it is your responsibility to forward it to your mortgage company for payment. The property owner is responsible to make sure that the mortgage company has paid the property taxes owed.

Q. How often does the Assessor inspect my property?
The assessor inspects property once every five years, according to the State mandated Assessor's revaluation plan as approved by the South Carolina State Department of Revenue. If property is inspected more often it could be the result of one or a combination of the following:
•  New Construction (with or without a building permit) value added to property
•  Renovation and modernization
•  Board of Equalization or State Board of Tax Appeal
•  Appraisal Review
•  Sales Verification
•  Segregation of Property
•  Changing highest and best use (i.e. residential to commercial) 

Q. Who is responsible for the taxes if a property is sold after December 31?
The tax bill will bear the name of the assessed owner as of December 31. If you receive a tax bill for the sold property, please forward it to the new owner since the new or current owner is responsible for all taxes once the sale is finalized. 

Q.  I've sold this property. What should I do with the tax bill?
The tax statement may either be forwarded on to the purchaser or returned to the Treasurer's Office. If you choose to return the statement please note the purchaser's name and address. 

Q. What if I change my mailing address?
It is the responsibility of the property owner to notify the Assessor's Office of any change in mailing address. To protect the taxpayer from an erroneous address change, the address used by the Assessor's Office will not be changed without the property owner's written consent. Every year many people do not receive the notices the Treasurer sends because they have not kept us advised of their changed addresses. Don't let this happen to you!

Q: When are the taxes due on my motor vehicle? 
A. Taxes on motor vehicles and recreational vehicles must be paid before your license plate tags can be renewed. These taxes are due by the last day of the month in which your tag expires.

Q: What is the Homestead Exemption program? 
A: In 1972, the S.C. General Assembly passed the Homestead Exemption Law which provides real estate property tax relief for South Carolinians who are age 65 and over, totally and permanently disabled, or legally blind. The exemption excludes the first $50,000 from the fair market value of your legal residence.

Q: How do I qualify for the Homestead Exemption?
A: You may qualify for the Homestead Exemption if you ARE at least 65 years of age on or before December 31, preceding the tax year in which you wish to claim the exemption; OR ARE certified totally and permanently disabled by a state or federal agency; OR ARE legally blind; OR ARE a legal resident of South Carolina for at least one year on or before December 31 of the year prior to the exemption; AND HOLD fee simple title or partial title to your house, mobile home, or life estate on or before December 31 of the year prior to the exemption, and have been approved to receive the 4% legal residence tax assessment ratio, AND WERE a legal residence of South Carolina for one year

For Your Information 

  1. In South Carolina, vehicle taxes are paid a year in advance.
  2. If you are renewing your vehicle license tag, you can pay your taxes and renewal fee to the Treasurer's Office and eliminate having to go to the Highway Department.
  3. The Treasurer's Office issues decals on renewals of vehicle license tags. You should receive the decal from the Treasurer's office when taxes are paid unless a discrepancy occurs when we transmit data to the DMV.
  4. If you receive a tax notice for a boat or motor that you no longer own, you must notify the South Carolina Department of Natural Resources at Post Office Box 167, Columbia, SC 29202.
  5. If you receive a tax notice for a vehicle you no longer own, you will need to contact the Auditor's Office.
  6. Sales Tax in Colleton County is 7%.
  7. Sales Tax in Charleston County is 7.5%.