15 Reasons Why You Shouldn't Ignore Tax Liens

Tax Preparation Service CoLumbia SC - Tax incentives for home owners in Columbia SC. - South Carolina is home to numerous attractive incentives for homebuyers, from power savings and tax credits, to home improvement tax credits and rebates. Local governments assess property taxes based upon the fair market value of a property, its assessment ratio and its millage rate. Local governments may also offer abatements (or exemptions) to encourage new investments or retain existing businesses.

Homestead Exemption

In many states, the Homestead Exemption Program offers homeowners a discount in their property taxes. The amount varies by state and county; some exempt a certain percentage of value while others may exempt an allotted dollar amount.

To qualify for the Homestead Exemption, you must own and occupy your property as your legal residence. Filing for it each year either online or at the Assessor's Office.

The Assessor's Office is responsible for assessing, appraising and equalizing the real estate in Columbia County. 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 among the least-preferred bills homeowners have to deal with, often taking an enormous bite out of income and being unpredictable in nature. Because of this, many seek property tax exemptions to mitigate their financial strain.

Local governments usually offer multiple exemptions from property taxes. 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.

Residents of South Carolina can claim a tax credit of 25% on their solar installation cost. Any credits that are not used can be carried over for ten 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.

Claiming state tax credits is relatively easy and straightforward; just ensure you have all of the required documentation, and are working with an Energy Office-endorsed provider (such as Blue Raven Solar).

Home Improvement Tax Preparer Tax Credit

Are you planning to upgrade your home's energy efficiency? If so, federal tax credits may help cover some of the costs. These credits are available for improvements such as heat pump installations, energy-efficient doors and windows, electrical panel upgrades, insulation upgrades and home energy audits.

These tax credits offer homeowners an excellent way to reduce the costs of upgrades on properties used as primary residences, helping to keep taxes at an all-time low. Unfortunately, only homeowner who have chosen this path are eligible for these credits.

Columbia offers forgiven loans to encourage business growth and expansion in its boundaries. Visit the Office of Business Opportunities to learn more.