Chapter 3 - Land Use

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.