Maximize Your Tax Savings with the ATI Exemption in South Carolina
If you’ve recently purchased a second home, vacation property, or commercial real estate in South Carolina, there’s good news: you may qualify for the Assessable Transfer of Interest (ATI) Exemption, a valuable tax break that can lower your property tax bill significantly.
The ATI exemption is designed to reduce the taxable value of properties assessed at the 6% rate—commonly used for second homes and commercial properties—by up to 25%. This exemption helps mitigate tax increases that occur when the taxable value of a property resets to market value after a sale.
Who Qualifies?
To qualify for the ATI exemption:
- Your property must be taxed at the 6% assessment rate.
- Its market value must have increased due to a sale or transfer.
- You must apply for the exemption by January 31 of the year following your purchase.
How to Apply in Horry and Georgetown Counties
- Horry County: Complete the "Commercial ATI Exemption" form.
- Georgetown County: Submit the "ATI Fair Market Value Exemption on 6% Properties Application" to the Georgetown County Assessor's Office.
These simple applications can lead to significant savings, so don’t miss out!
Why It Matters
Whether you’re a homeowner or investor, this exemption can be a game-changer, reducing your property tax liability and maximizing your return on investment. For assistance, contact your local county assessor’s office today.
Act Now! The deadline to apply for the ATI exemption is January 31st of the year following your property transfer. Don’t leave money on the table—get your application in today!
