5 things everyone gets wrong about tax liens

Tax Preparation Service CoLumbia SC – Tax Incentives For Homeowners 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. Abatements (or exemptions) may also be offered by local governments to encourage new investment or retain existing businesses.

Homestead Exemption

The Homestead Exemption program in many states offers homeowners a discount on 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. You can apply for it online or in person at the Assessor's Office each year.

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. Many homeowners seek property tax exemptions in order to reduce their financial burden.

Local governments typically provide multiple property tax exemptions. Homestead exemptions are one of these property tax exemptions. They allow homeowners to exclude from tax assessments a certain percentage their home's valuation. The eligibility requirements include age restrictions, residency requirements and income limitations.

Businesses may also seek a property tax incentive, or abatement, as part of their development 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. These incentives are usually negotiated with the county governments for projects that exceed $30 million in taxable development investment.

Solar Energy Tax 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 Tax Preparation Service Columbia SC program.

South Carolina offers exemptions from property taxes for renewable energy systems that are owned by homeowners, rather than leased to third parties. This is a great incentive when you consider the costs of installing solar panels on your 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 Credit

Are You Planning Energy Efficiency Upgrades to Your Home? 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. To find out more, visit the Office of Business Opportunities.