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Updated over 1 year ago,
House Hacking Property Taxes - Homestead Exemption?
My husband and I are under contract on a vacant piece of land. This will be our first project, and we intend to build a single structure with 6 units that we will hold long term. We will NOT be subdividing the land, and all units will be in our names tied to one parcel. We intend to live in one of the six units and it will be our primary residence.
The Homestead Exemption for your primary residence in SC is taxed at 4%, and vacant land, investment properties, etc. are taxed at 6%. Can anyone advise how this project will be taxed being that it will be one parcel with 6 units/doors, with one owner? Will this be taxed as 6 individual units, where we could qualify for the homestead exemption on our primary residence? Or will this be looked at as a single structure investment property?
I've tried to confirm with the local county assessor, but am still pending a response at this time. Thank you in advance!