Property Taxes ... I'm so confused. (Columbia, Fort Mill: estate, income, house)

[teebopop]

We're looking to relocate to SC. However, we've been trying to calculate out what the taxes are for the properties we are interested in ... and I KNOW by the result that we don't know what the heck we are doing.

House: $143,000
My calculated taxes: $54,197 (that can't be right!)

The site we are looking at says property taxes are 379.0 mills per $1000.

Please help me figure this out. Or please point me in the right direction where I can find this in writing somewhere.

Thanks.

[lovethecarolinas]

Originally Posted by teebopop

We're looking to relocate to SC. However, we've been trying to calculate out what the taxes are for the properties we are interested in ... and I KNOW by the result that we don't know what the heck we are doing.

House: $143,000
My calculated taxes: $54,197 (that can't be right!)

The site we are looking at says property taxes are 379.0 mills per $1000.

Please help me figure this out. Or please point me in the right direction where I can find this in writing somewhere.

Thanks.

I'm assuming you are looking in the Clover area by the millage rate you have quoted. To be completely accurate...are you sure the home is located in the Town of Clover?...or is it in an unincorporated portion of York County (as this could change your property tax amount)?

The other thing to consider is if you are going to live in the home as your primary residence than you want to apply for the 4% assessment ratio (if not it would then be at 6%).

Also the home is not calculated by the selling price but at what the home is assesst at.

But for the sake of "less" confusion I'll use the home price you have above

$143,000 x 4% X 214.0 = Taxes (apx. $1,224.08 annualy)

http://www.yorkcountygov.com/assesso...te%20Taxes.pdf

[creekgirl4life]

LovetheCarolinas, you are mistaken until the law is changed. Due to the Point-of-Sale Assessment the taxes for now will be calculated on the purchase price of the property. The assessed value will change on your purchase. The formula is correct, you will just need to use the purchase price in your calculations.

[reneecarpenter]

You can also look at previous tax bills at: York County Online Taxes

You would have to know either the name of the current owner or the tax map ID. BOTH can be found on the GIS system:
:: GIS Online Mapping and Property Search ::

You can search by the name, property address or the Tax Map ID# which is the parcel number (10 digits).

If you need help, I'll be happy to assist. Email offline to rcarpenter@comporium.net.

Thanks,
Renee

[the 7 oh 4]

You are not alone. I lived in Fort Mill (York County) for 5 years and never understood the milling or what ever it is called. What the heck is milling?

We don't use that anywhere in NC and I had never heard of it. Glad I live back in Charlotte now...at least I can understand my tax bill!

[muffinman]

I'm still learning about this too. Don't forget property taxes statewide are lower than a year ago because school funding no longer comes from this source.

A mill is one-one thousandth of a dollar. Property tax - Wikipedia, the free encyclopedia

And you thought you'd never use decimal math learned in elementary school.

[teebopop]

Generally speaking, which state has a lower tax rate, NC or SC?

And why?

And y'all that answered so far, Thanks!

[drcharlotte]

We are brand new to the area, but did a lot of research before buying. SC property taxes are lower than NC because the school taxes are derived from the sales tax rather than the property tax. I believe this is a recent change. As far as state income taxes, I think they are similar, but am not sure on that one

[waccamatt]

Your taxes will probably be a hair under $1000 a year on that house. My house is assessed at $117K and I'm inside the Columbia city limits and my taxes are only a little over $700 a year. Don't forget you will have property taxes on your car, too.

[creekgirl4life]

Originally Posted by reneecarpenter

You can also look at previous tax bills at: York County Online Taxes

You would have to know either the name of the current owner or the tax map ID. BOTH can be found on the GIS system:
:: GIS Online Mapping and Property Search ::

You can search by the name, property address or the Tax Map ID# which is the parcel number (10 digits).

If you need help, I'll be happy to assist. Email offline to rcarpenter@comporium.net.

Thanks,
Renee

This would be true ONLY if the property you are buying was sold to the current owner AFTER January 1, 2007 when the Point-of-Sale Assessment took effect and you will not be able to use this unless your purchase price is the current owners assessed value, which is highly unlikely.

Even if there was a recent (2006) reassessment for the current owner, historically assessed values are below market value. Point-of-Sale Assessements will change the taxes for the new owner and many people are not aware of the change in the law.

Taxes are reassessed for the new owner at the price paid for the property at closing.

To get an accurate figure, you should call the tax aseessor in the county in which you will purchase and ask them to figure what they will be based on your purchase price.