Property Valuation
In South Carolina, a property's 'assessed value' for tax purposes is:
AAlways equal to the market value
BA percentage of the fair market value based on property type✓ Correct
CSet by the state legislature each year
DEqual to the most recent sale price
Explanation
Assessed value is a percentage (assessment ratio) of the fair market value: 4% for owner-occupied residential, 6% for investment/commercial property. This is then multiplied by the millage rate to determine taxes.
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