All land, buildings, structures, and improvements are subject to tax by the City of Aiken and Aiken County. Property taxes are conducted based on an assessment value of that property and established millage rates. Essentially, property taxes are determined by calculating:
Capped Value (or Fair Market Value) x Assessment Rate x Millage Rate = Property Tax
Assessment values are determined from the fair market value of that property and the assessment ratio. Properties are reassessed every five years. Capped value is calculated by taking the fair market value of your home from the previous year and multiplying that number by 15%. However, if fair market value is less than the capped value, then your taxes will be based on the fair market value. Fair market value is the amount for which property can reasonably be expected to sell on the open market with a willing buyer and a willing seller.
The assessment ratio for the City of Aiken and Aiken County is either 4% for owner occupied legal residences or 6% for commercial or rental properties. After assessment values are verified, they are then multiplied by an established millage rate to determine the property tax due. The millage rate is equivalent to the tax per $1,000 of assessed value.
The current 2016 millage rate for Aiken County is as follows:
Owner occupied (4%) is 97.2 mills or .0972
Non owner occupied (6%) is 234.5 mills or .2345
The current 2016 millage rate for the City of Aiken is 62 mills or .062
*The above is for example purposes only. Any information may be subject to change.
**You may also qualify for a Homestead Exemption
The Homestead Exemption Law is complete exemption of taxes on the first $50,000 in Fair Market Value of your legal residence for homeowners over age 65, totally and permanently disabled, or legally blind.
In order to qualify you must: