Starting values: $299,500, which is the South Carolina median (31st of 51), 20% down and a 7.40% rate. Monthly cost: $1,917.36 ($1,658.94 loan, $112.33 property tax, $146.08 homeowners insurance). Put 5% down and add PMI and it rises to $2,346.96.
Homestead exemptions and property tax relief
To get the 4% legal residence rate, apply to the county assessor with proof of domicile, such as an SC driver's license, vehicle registration and voter registration at the address. The deadline is generally January 15 of the following year.
First-time buyer programs
SC Housing's Palmetto Heroes program offers $10,000 of forgivable assistance for teachers, first responders, health care workers, military members and veterans, but it is closed for 2026. SC Housing's standard homebuyer program and its assistance remain available through participating lenders.
Transfer and recording taxes
The deed recording fee is $1.85 per $500 ($1.30 state, $0.55 county), about $1,108 on a $299,500 home, and by custom the seller pays it.
Closing costs to plan for
South Carolina requires an attorney to close. Buyer costs are attorney, lender and title fees plus prepaids; coastal homes add a wind or flood policy.
When property tax bills are due
South Carolina counties mail tax bills in the fall, and the first penalty date is typically January 15. Owner-occupied homes are assessed at 4% of value and most other property at 6%, so the classification can raise the bill by half. Escrow is usually set up assuming the 4% rate, so make sure you get it.
Before you buy in South Carolina
The 4% legal residence rate is not automatic. Apply with the county assessor before the first penalty date, usually January 15, for the year you first claim it. You must own and occupy the home as your legal residence and domicile, and up to five contiguous acres qualify. If you miss it, the home is billed at 6% as a second home or rental would be. Most counties ask for a South Carolina driver's license and vehicle registration at the address.
2026 loan limit in South Carolina
FHFA 2026 one-unit conforming limits: no county is high-cost, so $832,750 applies statewide. So $239,600, the 80% loan on a median home, needs no jumbo financing.
South Carolina numbers used above
| Measure | South Carolina | U.S. |
|---|---|---|
| Median home value (ACS 2024) | $299,500 | $360,600 |
| Effective property tax rate | 0.45% (46th highest) | 0.89% |
| Average HO-3 premium (NAIC 2023) | $1,753 | $1,737 |
| Median household income | $72,350 | $81,604 |
| Median gross rent | $1,272 | $1,487 |
| Income needed at 28% (20% down) | $82,173 | – |
Frequently asked questions
How do I get South Carolina's 4% assessment rate?
Apply with the county assessor before the first penalty date, usually January 15, for the first year you claim it.
What happens if I don't apply for the 4% rate?
The home is assessed at 6%, like a second home or rental.
When are South Carolina property taxes due?
Bills are mailed in the fall, and the first penalty date is typically January 15.
What is the median-home payment in South Carolina?
About $1,917.36 a month on a $299,500 home with 20% down at 7.40%, including tax and insurance.
Sources
- S.C. Code Regs. 117-1800.1
- SCDOR, individual property tax manual
- S.C. Code Regs. 117-1800.1
- SCDOR, deed recording fee
- SC Housing
- FHFA, 2026 conforming loan limits
- Census ACS 2024 1-year (B25077, B25103, B19013, B25064); NAIC homeowners report (2023); Freddie Mac PMMS.
See also: all states · house affordability · South Carolina paycheck