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Ad Valorem
A property tax system where the tax amount is based on the assessed value of the property.
Eminent Domain
The government's right to take private property for public use, with just compensation.
Millage
The rate used to calculate property taxes, varying by district.
Escheat
The reversion of property to the state when the owner dies without a will or legal heirs.
Zoning Laws
Regulations that control how land can be used, including categories like residential, commercial, and industrial.
Deed Restrictions
Limitations placed in a property deed by the owner, affecting future owners' use of the property.
Wetlands
Areas where water saturation is prevalent, often protected due to the presence of certain species.
Capital Gains Tax
Tax on the profit made from selling real property, calculated as the selling price minus the adjusted basis.
1031 Tax-Deferred Exchange
A method to defer capital gains tax by exchanging like properties without money changing hands.
Homestead Exemption
A tax break in South Carolina allowing qualified individuals to deduct a set amount from their property's appraised value.
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