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I am purchasing a new home in the Indian Land section of Fort Mill, Lancaster County...My home will be completed (new construction) Oct 29th. I was told that the new lower property tax's (by the tax assessors office) were enforced the fall of this year (2007)...But that I will not see that decrease till the fall of 2008, due to the tax bills already having been sent out for the year...
My question?? Does anyone know how and if I will be seeing the extra 1,700 dollars that I will be over paying into my property tax's?? We have our mortgage set up so that money will be taken out monthly to be put towards our tax's (escrowed) ...But from my understanding...this will be at the old higher rate, due to dh and I having to wait till the fall to apply for the new legal lower tax rate.
I hope I have not confused you all....
TIA
If you build a home, in York county for this year you are only paying taxes on the value of your land not your home. Next year you pay on your home an thus the lower rate. If you call the assesors office and give them the parcel # they can tell you what taxes are due this year.
At least this is how it worked for us.
what was the the price of your house that you are getting 1700 less tax
266,275 thousand.... the assessor stated that the tax's would be based on the value of the home....This is the cost we agreed upon 4 months ago (new, almost done being built)
edited to say: I do not know if they are considering the sales tax rebate in that amount for next year or not....I am pretty sure that is a one time thing...
edited to say: My loan officer stated my tax's now are at 2,897? per year (based on the info he has...which could change slightly) The tax assessor said that my new amount would be 1,142 with the property tax cut...so, about 1,700 less per year..
If you build a home, in York county for this year you are only paying taxes on the value of your land not your home. Next year you pay on your home an thus the lower rate. If you call the assesors office and give them the parcel # they can tell you what taxes are due this year.
At least this is how it worked for us.
So, if I am understanding you correctly....whoever handled your loan used the parcel # to find out the tax's..which, I assume, came up at the lower rate?? Then your bank escrowed the money based on the lower amount until you applied for (or will) the new lower property tax in the fall?
So, if I am understanding you correctly....whoever handled your loan used the parcel # to find out the tax's..which, I assume, came up at the lower rate?? Then your bank escrowed the money based on the lower amount until you applied for (or will) the new lower property tax in the fall?
2007 taxes are only on the land (due now..paid at closing) , current rates, not with increase) home had to be completed by end of 2006 to be taxed on in 2007.
2008 taxes (due next year..inlcuded in payment escrowed for next year) on on land and home. B of A estimated on new rates and on the 4% you have to apply for)
You can get your parcel # and call the assesors office yourself to find out what you are going to need to pay for this year. They were very helpful when I called. Let me know if I can help you anymore. I work for a real estate appraisal firm so I deal with assesors offices all day long.
2007 taxes are only on the land (due now..paid at closing) , current rates, not with increase) home had to be completed by end of 2006 to be taxed on in 2007.
2008 taxes (due next year..inlcuded in payment escrowed for next year) on on land and home. B of A estimated on new rates and on the 4% you have to apply for)
You can get your parcel # and call the assesors office yourself to find out what you are going to need to pay for this year. They were very helpful when I called. Let me know if I can help you anymore. I work for a real estate appraisal firm so I deal with assesors offices all day long.
Totally agree - when we signed our purchase papers this is exactly what we were told. Our home won't be ready until 2008 and we will be paying on land only for the 2008 tax year regardless of when the strucutre is actually completed.
If you do in fact end up overpaying in taxes one of two things will happen:
1. If the mortgage company has already paid the taxes then the tax office will issue you a refund.
2. If the mortgage company has not paid it they will either issue you a refund or adjust the escrow for the next year. Actually I think they give you the choice.
It sounds like it is unclear whether or not you will be owed a refund though. It sounds like you may but I wouldn't go by the word of the lady you called. Just from personal experience they can be very wrong.
Anyone know what the fees are for midsize cars in SC.
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