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Both areas seem to have reasonable inventory to choose from. Leaning towards Carolina Beach due to its proximity to Wilmington (and therefore activities, arts, restaurants, events, etc). But Garden City seems like it's still retained some of the "old beach" charm - ie, pier, arcade, etc.
We definately don't want Myrtle Beach level craziness...although we realize summertime will get busy regardless of where we buy. Would probably rent out the place in the summer and use ourselves the rest of the year.
Also a little confused on which is more favorable from second home tax standpoint.
If anyone has advice or opinions they'd like to share, I'd greatly appreciate it!
Also a little confused on which is more favorable from second home tax standpoint.
I had recently read that South Carolina was ending its favorable treatment of second homes, that is, they would be taxed on the full value of the assessment rather than the 20% of assessment on primary homes. However, I can't find a good reference on that, so I am confused also.
I'd suggest taking one example of one similar house in each area, and do a case-by-case comparison. Get a report on the property taxes from the respective counties. (I usually google "xxx county GIS" and locate the house in the GIS, where they normally have the most recent tax bill.) Many people have complained that their North Carolina homes are "over-assessed", and that may be the way the county raised money without raising the mill rate.
I'd suggest taking one example of one similar house in each area, and do a case-by-case comparison
For example, I found two 3BR/2bath high-rise condos, both priced at $299,900 in Realtor.com . The taxes on the Garden City, SC on were $2563 and the taxes on the Carolina Beach, NC one were $3214. So, on the surface, the taxes in South Carolina are less.
Check the local ordinances regarding being dog friendly. Topsail Island is one of the few dog-friendly beaches on the East Coast. Dogs are allowed on the beach year-round, though on-leash during the beach season.
"Pet Rules (Carolina Beach) In order to maintain a clean and safe community, we ask our residents and visitors that you comply with the following rules:
All dogs are required to be on a leash at all times. Dogs are allowed on the beach from November 1st to February 28th. You must have on your person at all times, a plastic or paper container that can be used to clean up and contain dog waste until it can be disposed of in an appropriate container. This container must be produced and shown, upon request, to anyone authorized to enforce this ordinance."
Last edited by wrestlingterp; 08-22-2012 at 05:50 AM..
For 2012, the New Hanover County tax rate is .554 and the town of Carolina Beach is .235 so they tax on a $299,900 home would be $2,366 a year.
Quote:
Originally Posted by goldenage1
For example, I found two 3BR/2bath high-rise condos, both priced at $299,900 in Realtor.com . The taxes on the Garden City, SC on were $2563 and the taxes on the Carolina Beach, NC one were $3214. So, on the surface, the taxes in South Carolina are less.
Topsail (and Oak Island as well) are both very tempting because of the dog-friendly nature.
A few challenges though - concerned about erosion on Topsail (esp North Topsail), not many condos to choose from on OI, and not sure if there's enough to keep grandkids entertained in those two areas as compared to Garden City or Carolina Beach.
It's a real balancing act to identify the best locale in terms of budget, activities, dogs, and erosion concerns, but I'm determined to figure it out!
A few challenges though - concerned about erosion on Topsail (esp North Topsail),
The erosion problem is pretty specific to North Topsail. Other than that there are beach erosion issues that any coastal location deals with. Essentially Topsail Island is moving south!
For 2012, the New Hanover County tax rate is .554 and the town of Carolina Beach is .235 so they tax on a $299,900 home would be $2,366 a year.
I took the actual taxes on the St Joseph St condo from Realtor. The unit is assessed at $501,767, and is now for sale at $299,900. The actual taxes are $3214. That situation of declining real estate values is real on the coast, resulting in property that is "over-assessed" for its market value.
The actual taxes are what the buyer needs to look at, as well as possible future taxes.
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