Property Valuation
In South Carolina, real property taxes are calculated by multiplying the assessed value by:
AThe market value
BThe millage rate (expressed as dollars per $1,000 of assessed value)✓ Correct
CThe assessment ratio
DThe inflation rate
Explanation
Property tax = Assessed Value × Millage Rate. The millage rate is expressed as dollars per $1,000 (or mills per dollar) of assessed value. For example, 200 mills = $200 per $1,000 of assessed value.
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