Tax Preparation Service CoLumbia SC - Tax Incentives For Homeowners 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
The Homestead Exemption program in many states offers homeowners a discount on 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.
You must own your home and occupy it as your legal residence to qualify for the Homestead Exemption. Filing for it 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 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 usually offer multiple exemptions from property taxes. Homestead exemptions are one of these property tax exemptions. They allow homeowners to exclude from tax assessments a certain percentage their home's valuation. The eligibility requirements include age restrictions, residency requirements and income limitations.
Businesses can also apply for a property tax abatement or incentive as part of their 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 Exemption
South Carolina offers homeowners who install solar energy at their home an additional tax credit in addition to the federal Investment Tax Credit.
South Carolina residents can claim a 25% tax credit on their solar installation costs and any unused credits can be carried forward for 10 years. This state tax credit program also exempts sales taxes on any additional equipment that is used with the system, such as batteries.
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 Tax Preparation Help 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 to upgrade your home's energy efficiency? 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. Unfortunately, only homeowner who have chosen this path are eligible for these credits.
Columbia offers forgivable loans to promote business growth and expansion within its boundaries. Visit the Office of Business Opportunities to learn more.