Tax Preparation Service CoLumbia SC - Tax incentives for home owners 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 levy property taxes based on a property's fair market value, assessment ratio and 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 differs by state and county. Some states exempt a percentage of value, while others may exempt a dollar amount.
You must own your home and occupy it as your legal residence to qualify for the Homestead Exemption. You can apply for it online or in person at the Assessor's Office each year.
The Assessor's Office in Columbia County 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 one of the most unpredictible and expensive bills that homeowners have to pay. They can be a huge drain on income. Because of this, many seek property tax exemptions to mitigate their financial strain.
Local governments typically provide multiple property tax exemptions. One such property tax exemption is the homestead exemption, allowing homeowners to exclude a certain percentage of their home's value from tax assessments. 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. These incentives are available through local governments and can be applied to manufacturing, research-and-development facilities, corporate headquarters and distribution facilities that meet specific 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. 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.
It is easy to claim state tax credits. Just make sure you have the necessary documentation and that you are working with a provider who has been endorsed by the Energy Office (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 apply to improvements such as heat pumps, energy-efficient windows and doors, insulation upgrades, electrical panel upgrades and home energy audits.
These tax IRS Payment Plan credits are a great way for homeowners to save money on upgrades to their primary residences and keep taxes low. These credits are only available to homeowners who have chosen this route.
Columbia offers forgivable loans to promote business growth and expansion within its boundaries. To find out more, visit the Office of Business Opportunities.