Can someone explain millages?

Each tax "mill" equals one-tenth of a cent.

So if the taxable assessed amount on a piece of real estate is $50,000 and the millage tax rate is 10 mills, that would mean, in effect, the assessed rate is one cent times $50,000, or $500.

ETA: In Louisiana it's a little more complicated in that real estate is assessed at 10% of its "fair market value."

So if a property has a fair market value of the above mentioned $50,000, the assessed amount is $5,000. So 10 mills would be applied to $5,000 resulting in a property tax liability of $500.

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.

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.