Columbia and Midlands Mortgage Hub: Richland vs Lexington County Millage and Fort Jackson VA — Palmetto Passage
Updated October 2026
A Columbia home search can cross Richland and Lexington county lines without changing your commute much, yet the monthly housing budget can change substantially. For Fort Jackson households and downtown commuters, the useful comparison is not simply price per square foot. It is principal, interest, parcel-specific taxes, insurance and any association charges.
Richland versus Lexington: compare the parcel
Neither county has one tax rate that describes every property. Municipal boundaries, school districts and special taxing districts affect millage. Ask for the parcel number and an estimate reflecting your intended occupancy rather than copying the seller’s tax bill.
South Carolina’s Act 388 framework gives an approved owner-occupied legal residence a 4% assessment ratio and a 100% exemption from school operating taxes. School debt taxes can remain. Second homes and investment properties generally use a 6% assessment ratio without that exemption. A bill calculated at 6% can often run 2.5 to 3.5 times the approved legal-residence bill, although the actual difference is parcel-specific.
Apply for legal-residence treatment through the county after purchase. Review the escrow estimate if approval is pending; an eventual adjustment does not eliminate the initial cash-flow pressure. The South Carolina Department of Revenue explains the statewide property-tax framework.
Fort Jackson VA and civilian loan choices
Eligible military buyers with full VA entitlement have no VA county loan limit, although income, credit and appraisal still determine financing. With partial entitlement, existing VA usage can affect the down payment required. BAH may support qualifying income when documented under lender requirements.
For conventional financing, the 2026 baseline conforming limit is $832,750 statewide for a one-unit property. Verify applicable limits through FHFA Loan Limits. Buyers needing cash assistance can also investigate SC Housing income, price and loan-program requirements before choosing financing.
Build an attorney-led closing budget
South Carolina closings require attorney supervision. Budget for lender charges, title work, prepaid insurance and initial escrows. The deed recording fee is $1.85 per $500, equivalent to $3.70 per $1,000, and is typically paid by the seller under the contract.
Use the monthly payment calculator to compare two actual parcels. Then build cash-to-close scenarios with the closing cost estimator, keeping any pending legal-residence tax adjustment visible.
Compare Current Mortgage Rates
Compare current APRs, points, fees, and estimated monthly payments from participating lenders below.
Loan Program Comparison: 2026 Benchmarks
Columbia and Midlands Mortgage Hub: Richland vs Lexington County Millage and Fort Jackson VA — Confirm service eligibility and entitlement first; full entitlement removes the VA loan-limit cap, not lender affordability checks. Compare the funding fee or exemption and no monthly PMI.
Historical 2025 one-unit comparison: conforming $832,750; FHA floor $541,287. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Editorial Methodology & Primary Sources
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
- Consumer Financial Protection Bureau (CFPB) — Loan Estimates, APR and borrower disclosures; Regulation Z.
- U.S. Department of Housing and Urban Development (HUD / FHA) — FHA program guidance.
- U.S. Department of Veterans Affairs (VA) — VA loan eligibility and benefits.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — published rate benchmarks.
- U.S. Census state tax collections — state property tax benchmarks; confirm parcel-specific assessments and exemptions with the state revenue department and local assessor.
- SC Housing — state housing finance and property tax authority.
- South Carolina Department of Revenue — state housing finance and property tax authority.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.