property tax releif

[Jim3310]

Janrey,
Thanks, I'm very impressed and you gave me time to watch the Giants win.

Owe you one.
jim

[janrey]

Originally Posted by Jim3310

Janrey,
Thanks, I'm very impressed and you gave me time to watch the Giants win.

Owe you one.
jim

Welcome...I did this whilst half watching. My team (Pats) won.

[Jim3310]

OK; Consider that one I owed you paid off in full. We took Farve off your hit list...
jim

[echobeach]

Somewhat off-topic but still on RE Taxes: Is it true that if you buy a new (or as they say "previously owned") house in Charleston your taxes will skyrocket because there is a new law that new owners get taxed at higher rate? (not talking about higher taxes as result of higher value of home when purchaser closes)

Thanks for any guidance.

[janrey]

Originally Posted by Jim3310

OK; Consider that one I owed you paid off in full. We took Farve off your hit list...
jim

<chuckle> Well news is Brady may have a broken foot or not depending on who you listen to.

[janrey]

Originally Posted by echobeach

Somewhat off-topic but still on RE Taxes: Is it true that if you buy a new (or as they say "previously owned") house in Charleston your taxes will skyrocket because there is a new law that new owners get taxed at higher rate? (not talking about higher taxes as result of higher value of home when purchaser closes)

Thanks for any guidance.

No, what you might be hearing is that the home is reassessed properly. In South Carolina there is some law that property reevaluation can only go up a certain percentage and therefore maybe undervalued until the home changes hands. This can also occur if the home hasn't been reassessed for a while. Homes are reassessed at sale. See here as it discusses Myrtle Beach property Myrtle Beach Real Estate News » Higher property taxes for new homeowners
but it's no different no matter where in the state you live.

If you buy a fairly new house you won't see an issue but if you buy an older home that's been in a family forever then you probably will see a difference.

[USCJoe]

A recent article in the New and Courier newspaper stated :
"The 2006 constitutional referendum put a 15 percent cap on how much a property's taxable value can increase during a reassessment, but the cap applies only if the ownership did not change.
The measure requiring that properties be reassessed at full value the year after they change hands means they could be reassessed years before a general reassessment is planned. There are a few exceptions, but even a parent selling a property to a child would trigger reassessment."'



It would appear that the new owner is not being taxed at a higher rate only that their taxes will be higher because they will be based on a higher assesses value.

[echobeach]

Thank you both for the last two posts - clarified things for me...I think this is basically how it is here in NY too.

BTW: We've got offers on the table for our co-op and will probably be one of those people paying higher taxes sooner rather than later (especially since I like the old ranch homes and kind of dislike the new "pop up" neighborhoods - I mean who wants to be told what kind of fence they can or cannot put up AND who needs a second floor to cool in Charleston? This baffles me).

[Jim3310]

That's great news on the offers. Eat as much as you can in Brooklyn before you come down!

We have some very nice neighborhoods in just about every section here that has older, well built ranches. Some need updating, kitchen, bath, etc. but you can see the quality in the workmanship on some of the older builds.

Good luck in the negotiation stage!
jim