Tax Preparation Service CoLumbia SC - Tax Incentives For Homeowners in Columbia SC - South Carolina is home to numerous attractive incentives for homebuyers, from power savings and tax credits, to home improvement tax credits and rebates. Local governments assess property taxes based upon the fair market value of a property, its assessment ratio and its millage rate. Abatements (or exemptions) may also be offered by local governments to encourage new investment or retain existing businesses.
Homestead Exemption
The Homestead Exemption program in many states offers homeowners a discount on their property taxes. The amount differs by state and county. Some states exempt a percentage of value, while others may exempt a dollar amount.
To qualify for the Homestead Exemption, you must own and occupy your property as your legal residence. You can apply for it online or in person at the Assessor's Office each year.
The Assessor's Office in Columbia County Get more information is responsible for appraising, assessing and equalizing real property. They also handle tax appeals, and review denials for Homestead Exemption claims. When applying for homestead exemption you must present proof of age (birth certificate or South Carolina driver's license) as well as proof that confirms both your age and date of birth; additionally if claiming blindness or disability this must include documentation from state/federal agencies certifying your condition.
Property Tax Exemption
Property taxes are among the least-preferred bills homeowners have to deal with, often taking an enormous bite out of income and being unpredictable in nature. Many homeowners seek property tax exemptions in order to reduce their financial burden.
Local governments typically provide multiple property tax exemptions. Homestead exemptions are one of these property tax exemptions. They allow homeowners to exclude from tax assessments a certain percentage their home's valuation. Eligibility requirements typically include residency requirements, age restrictions and income limitations.
Businesses may also seek a property tax incentive, or abatement, as part of their development expenses. Such incentives may be available through local government and can apply to manufacturing, research and development facilities, corporate headquarters offices and distribution facilities that meet certain criteria. Usually negotiated with county governments for projects over $30 million worth of taxable development investments.
Solar Energy Tax 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 also offers property tax exemptions for residential renewable energy systems owned by homeowners rather than leased from third parties, making this an attractive incentive when considering the costs associated with installing solar energy panels on your own home.
Claiming state tax credits is relatively easy and straightforward; just ensure you have all of the required documentation, and are working with an Energy Office-endorsed provider (such as Blue Raven Solar).
Home Improvement Tax Credit
Are You Planning Energy Efficiency Upgrades to Your Home? Federal tax credits could help you cover some of the cost. These credits are available for improvements such as heat pump installations, energy-efficient doors and windows, electrical panel upgrades, insulation upgrades and home energy audits.
These tax credits offer homeowners an excellent way to reduce the costs of upgrades on properties used as primary residences, helping to keep taxes at an all-time low. These credits are only available to homeowners who have chosen this route.
Columbia offers forgiven loans to encourage business growth and expansion in its boundaries. To find out more, visit the Office of Business Opportunities.