Tax Preparation Service CoLumbia SC - Tax incentives for home owners in Columbia SC. - South Carolina offers many attractive incentives to homebuyers. These include tax credits and rebates, as well as tax credits for energy savings and home improvements. Local governments assess property taxes based upon the fair market value of a property, its assessment ratio and its millage rate. Local governments may also offer abatements (or exemptions) to encourage new investments or retain existing businesses.
Homestead Exemption
In many states, the Homestead Exemption Program offers homeowners a discount in their property taxes. The amount varies by state and county; some exempt a certain percentage of value while others may exempt an allotted dollar amount.
To qualify for the Homestead Exemption, you must own and occupy your property as your legal residence. Filing for it Browse this site each year either online or at the Assessor's Office.
The Assessor's Office is responsible for assessing, appraising and equalizing the real estate in Columbia County. They also handle tax appeals and review denials of Homestead Exemption claims. You must provide proof of your age (birth certificate, South Carolina driver's licence) and your date of birth when applying for a homestead exemption. If you are claiming blindness or a disability, you must also include documentation from the state/federal agencies that certify your condition.
Property Tax Exemption
Property taxes are one of the most unpredictible and expensive bills that homeowners have to pay. They can be a huge drain on income. Because of this, many seek property tax exemptions to mitigate their financial strain.
Local governments typically provide multiple property tax exemptions. One such property tax exemption is the homestead exemption, allowing homeowners to exclude a certain percentage of their home's value from tax assessments. Eligibility requirements typically include residency requirements, age restrictions and income limitations.
Businesses can also apply for a property tax abatement or incentive as part of their expenses. These incentives are available through local governments and can be applied to manufacturing, research-and-development facilities, corporate headquarters and distribution facilities that meet specific criteria. Usually negotiated with county governments for projects over $30 million worth of taxable development investments.
Solar Energy Exemption
South Carolina offers homeowners who install solar energy at their home an additional tax credit in addition to the federal Investment Tax Credit.
Residents of South Carolina can claim a tax credit of 25% on their solar installation cost. Any credits that are not used can be carried over for ten years. Furthermore, sales taxes on additional equipment used with their system such as batteries are exempted by this state tax credit program.
South Carolina offers exemptions from property taxes for renewable energy systems that are owned by homeowners, rather than leased to third parties. This is a great incentive when you consider the costs of installing solar panels on your home.
It is easy to claim state tax credits. Just make sure you have the necessary documentation and that you are working with a provider who has been endorsed by the Energy Office (such as Blue Raven Solar).
Home Improvement Tax Credit
Are you planning to upgrade your home's energy efficiency? If so, federal tax credits may help cover some of the costs. These credits apply to improvements such as heat pumps, energy-efficient windows and doors, insulation upgrades, electrical panel upgrades and home energy audits.
These tax credits are a great way for homeowners to save money on upgrades to their primary residences and keep taxes low. Unfortunately, only homeowner who have chosen this path are eligible for these credits.
Columbia offers forgiven loans to encourage business growth and expansion in its boundaries. To find out more, visit the Office of Business Opportunities.