With a 6.4% top income tax rate and 0.56% property tax, South Carolina homeowners face a moderate combined tax burden. This calculator is pre-filled with South Carolina numbers: $295,000 median price, 0.56% property tax, $1,800/year insurance.
Last updated: March 13, 2026
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Monthly Payment (South Carolina)$0
Loan Details — South Carolina
South Carolina median: $295,000
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Below 20% triggers PMI on conventional loans
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Average 30-year fixed ~6.75% (March 2026)
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South Carolina average: 0.56%
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South Carolina average: $1,800/yr
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South Carolina Metro Area Home Prices
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Yearly Amortization Schedule+
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South Carolina's Tax Landscape and Your Mortgage
South Carolina uses a progressive income tax with a top rate of 6.4%. A household earning $150,000 pays an estimated $6,240-$8,160 in state income tax, depending on filing status and deductions. That's $600/month less available for housing costs.
At the state's median home price of $295,000, the $0.56% property tax rate adds $138/month to your mortgage payment. That's $1,652/year — below the national median of ~1.1%.
Property Taxes Across South Carolina
The 0.56% statewide average masks significant variation. Very low effective property tax rate due to 4% assessment ratio for owner-occupied (vs 6% for other property)
Price ranges across the state: Charleston has a median of $410,000, while Columbia sits at $250,000 — a $160,000 gap that dramatically changes your monthly payment. At $0.56% property tax, that price difference alone means $75/month more in property tax in Charleston.
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Homebuyer Programs and Exemptions
South Carolina offers several programs for homebuyers:
SC Housing Palmetto Home Advantage with forgivable down payment assistance up to 4%
Mortgage Tax Credit (MCC) program
Homestead exemption: First $50,000 of fair market value exempt from school operating taxes for owner-occupied primary residences; seniors 65+ get additional exemption
South Carolina-Specific Considerations
Very low effective property tax rate due to 4% assessment ratio for owner-occupied (vs 6% for other property)
Income tax top rate of 6.4% is being gradually reduced
Charleston and Hilton Head areas are significantly more expensive than rest of state
Hurricane/flood insurance critical on the coast
No local income taxes
Property tax rates vary by county — owner-occupied homes assessed at just 4% of market value, but county millage rates vary widely
Compare South Carolina Mortgage Rates
See personalized rates from South Carolina lenders. LendingTree matches you with up to 5 offers so you can compare and save.
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Frequently Asked Questions
What is the average property tax rate in South Carolina?
The average effective property tax rate in South Carolina is 0.56%. On a $295,000 home (the state median), that works out to approximately $1,652/year or $138/month added to your mortgage payment. Property tax rates vary by county and school district within South Carolina — always check your specific jurisdiction's rate. Homestead exemption: First $50,000 of fair market value exempt from school operating taxes for owner-occupied primary residences; seniors 65+ get additional exemption
How much does homeowners insurance cost in South Carolina?
The average annual homeowners insurance premium in South Carolina is approximately $1,800 ($150/month). This is near the national average of approximately $1,500/year. Actual premiums depend on your home's location, age, construction type, and coverage limits.
What first-time homebuyer programs are available in South Carolina?
SC Housing Palmetto Home Advantage with forgivable down payment assistance up to 4%. Mortgage Tax Credit (MCC) program. These programs typically have income limits, purchase price caps, and may require homebuyer education courses. Check the South Carolina housing finance agency website for current eligibility requirements and application deadlines.
How does South Carolina's 6.4% income tax affect home affordability?
South Carolina's top income tax rate of 6.4% reduces your take-home pay, which affects how much mortgage you can comfortably carry. On a $150,000 salary, state income tax takes roughly $6,240-$8,160/year (effective rate is lower than the top marginal rate). The tradeoff: South Carolina's relatively low 0.56% property tax rate keeps the housing-specific portion of your tax burden lower. Use our paycheck calculator to see your exact take-home pay.
What is the conforming loan limit in South Carolina?
The 2026 conforming loan limit in South Carolina is $806,500. Loans above this amount are considered jumbo loans and typically carry higher interest rates (0.25-0.5% premium), require larger down payments (10-20%), and have stricter qualification requirements including higher credit scores (700+) and lower debt-to-income ratios.
This calculator is for educational purposes. Tax rates and insurance costs are based on South Carolina state averages and may not reflect your specific county, school district, or municipality. Consult a financial professional for advice specific to your situation.