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re: Can someone explain millages?
Posted on 1/29/16 at 8:37 am to GetCocky11
Posted on 1/29/16 at 8:37 am to GetCocky11
Does South Carolina have a homestead exemption for homeowners?
In Louisiana each homeowner gets a $75,000 homestead exemption from taxes on his home. It only applies to an owner occupied dwelling.
So, for example, if my house is assessed a fair market value of $200,000, the assessor first subtracts $75,000 from that value which drops the FMV assessed amount to $125,000. Then that value is assessed at 10%, so the taxable value is $12,500 times the number of mills in that jurisdiction.
The homestead exemption does not apply to rental homes or any other commercial property. So they pay the full FMV X 10% X millage with no exemption.
In Louisiana each homeowner gets a $75,000 homestead exemption from taxes on his home. It only applies to an owner occupied dwelling.
So, for example, if my house is assessed a fair market value of $200,000, the assessor first subtracts $75,000 from that value which drops the FMV assessed amount to $125,000. Then that value is assessed at 10%, so the taxable value is $12,500 times the number of mills in that jurisdiction.
The homestead exemption does not apply to rental homes or any other commercial property. So they pay the full FMV X 10% X millage with no exemption.
2
Posted on 1/29/16 at 8:41 am to LSURussian
quote:
Does South Carolina have a homestead exemption for homeowners?
Only for certain people, like the elderly and disabled.
Posted on 1/29/16 at 9:47 am to LSURussian
quote:
The homestead exemption does not apply to rental homes or any other commercial property. So they pay the full FMV X 10% X millage with no exemption.
And some taxes are not applicable to the homestead exemption. Which makes the EBR rate sheet look like hieroglyphics.
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