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Old 04-07-2009, 04:59 PM
 
Location: Lowcountry
764 posts, read 1,437,921 times
Reputation: 416

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Quote:
Originally Posted by FallingKnife View Post
Anyone who buys a home in MP right now (particularly in the $400k and above price range) is out of their friggin' minds. Everyone should listen to CMR and engage his services before you purchase. This market has nowhere to go but DOWN and it will be a significant and painful decline well into 2010 and perhaps longer. If you look at the inventory in the $400k plus range in MP it is something like 7 years worth. And it's growing, because they are building more houses in places like Carolina Park. It's going to get ugly folks. REALLY ugly.

Do yourself a favor and RENT. You will thank me later.

fk
Yep.
...And if you think MP home prices are in an increasing downward death spiral, take a look out on IOP. It's much much uglier, relatively speaking, and this train wreck waiting to happen will drag down all high end homes in this marketplace.
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Old 04-08-2009, 06:32 PM
 
5 posts, read 10,559 times
Reputation: 11
Default thanks guttata

Quote:
Originally Posted by guttata View Post
i can only confirm this anecdotally. we have looked at homes on short sale. because they were not primary residencies, the property tax was 3-4x normal. for a 400k home, that may be 8-9k/year (normally, it should be 2-3k). i guess this is partly why these homes are on short sale now.

but, it is best to ask someone in the know.
i called the accessors office.apparently the real estate agents are leaving
out the millage formulas . i think i'll look at another area where honesty and
disclosure are not so murkey.mt pleasant aint so pleasant after all.i didn't even get into car taxes/tags and home owners insurance.anyone care to comment?
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Old 04-08-2009, 08:15 PM
 
92 posts, read 236,023 times
Reputation: 28
Quote:
Originally Posted by bruno35 View Post
i called the accessors office.apparently the real estate agents are leaving
out the millage formulas . i think i'll look at another area where honesty and
disclosure are not so murkey.mt pleasant aint so pleasant after all.i didn't even get into car taxes/tags and home owners insurance.anyone care to comment?
i think this 'secondary' rate applies to most of south carolina and is not city specific. i would not rule out mt pleasant for that reason. you should find a competent real estate agent - most should be able to provide tax estimate (surely, they have sold rental homes in the past).

vehicle tax is dependent on the year/model of your vehicle - i was taxed about $300 on a five year old car (non-luxury). The taxes will decrease each year as the value of the car declines. i have been told that homeowners insurance is around 1800-2500 on a 400k home, including wind, water, flood, and earthquake coverage. i am sure the rates are much lower inland.
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Old 04-08-2009, 09:32 PM
 
3,348 posts, read 4,315,226 times
Reputation: 2208
I do not understand how the property taxes were three to four times higher. I've owned multiple homes in Charleston County before the rates were 4% on your primary residence and 6% on a secondary residence or rental. The thing is you need to actually have the rate reset to the 4%.

Has something changed lately that would mean a residence was at 12-16%?
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Old 04-09-2009, 03:02 AM
 
Location: New England
32,086 posts, read 21,036,286 times
Reputation: 2263
There's one on Longpoint Rd , i forget the name of it but it's landcscape is the most mature i have seen on all the sub divisions i have worked on.Brickyard is nice.
Though Mt Pleasant is a nice area , most of the neighborhoods are very much cookie cutter from what i have seen, especially the homes on 41.
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Old 04-10-2009, 02:05 PM
 
5 posts, read 10,559 times
Reputation: 11
Default its about the millage

Quote:
Originally Posted by mrpeatie View Post
I do not understand how the property taxes were three to four times higher. I've owned multiple homes in Charleston County before the rates were 4% on your primary residence and 6% on a secondary residence or rental. The thing is you need to actually have the rate reset to the 4%.

Has something changed lately that would mean a residence was at 12-16%?
the house we were thinking about buying will be accessed around 280,000.
the formula form the auditors office at 6% put the house from the previous owner who was paying 658.00 to 2571.00 in 2010.maybe secondary residence is different than nonresident? anyway that was what we were given from the horses mouth.
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Old 04-20-2009, 10:50 PM
 
Location: Syracuse, NY
13 posts, read 36,959 times
Reputation: 31
Smile Truth is coming out

Quote:
Originally Posted by Flat2MT View Post
Yep.
...And if you think MP home prices are in an increasing downward death spiral, take a look out on IOP. It's much much uglier, relatively speaking, and this train wreck waiting to happen will drag down all high end homes in this marketplace.
Well, well, well. The truth is finally starting to come out! I lived in Mt Pleasant almost 30 years before moving out. (Tried to move out before then.) Speaking of Isle of Palms, the last time I drove through there, it looked like almost every other house was for sale. The thing is, that area, especially Mt Pleasant, has been hyped up so by the local governments the last few years. (A lot of them are in real estate.) Now that real-estate has gone bust down there, people have started to take off their rose-colored glasses and have discovered that the East Cooper area is not nearly what it has been cracked up to be. Guttata thinks I'm being negative. I'm just stating facts. Sorry if the truth hurts. Be sure to look up Mt Pleasant's debt elsewhere on this website. There is no way that will ever be paid - not with the average house value down 50%. Again, just stating facts.
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Old 04-29-2009, 06:03 PM
 
5 posts, read 10,559 times
Reputation: 11
i can not believe with all the realtors who read this site that they are'nt commenting on the tax situation.it might confirm my comments even more. being upfront with perspective buyers is good business.
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Old 05-14-2009, 12:35 AM
 
Location: Charleston Area
25 posts, read 93,848 times
Reputation: 16
Owner occupants, if they file, are charged the 4% rate. Second homes and rentals are charged the 6% rate which comes out to be about double the 4% rate. A year or so ago, the State of SC went to Point of Sale assessments. When a property sold, the sales price became the new assessed value. As many homes appreciated significantly (before the current mess), the taxes at point of sale went up. The inequities of having similar homes in the same neighborhood taxed at different amounts has generated a movement to return to reassessments every five years (the old system). I have heard that in some cases where a home sold for less than its documented assessed value, that the gov. did not adjust the taxes downward at point of sale and some new homeowners are having to challenge this. The state of flux with the tax system may be why real estate agents are reluctant to tell a prospective buyer what their taxes might be and it is best to consult the local taxing authority.
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Old 05-16-2009, 07:26 PM
 
21 posts, read 49,913 times
Reputation: 14
what is the ion newsletter. please send it to me. ragibaut@gmail.com

thank you! Rachel
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