Property Valuation
South Carolina property taxes are based on:
AThe purchase price of the property
BThe assessed value multiplied by the millage rate✓ Correct
CThe appraised value multiplied by the tax rate directly
DThe original cost of construction
Explanation
South Carolina property taxes are calculated by multiplying the assessed value (a percentage of fair market value) by the millage rate set by the taxing jurisdiction.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Math Concepts
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