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I was just noticing tonight that some Summerville homes on the market have drastically increased property tax amounts in 2009, like over 180% increase on two of them. One home had a tax bill of $1670 in 2008, but jumped to $4850 in 2010. That's just crazy. A Grand Oaks Plantation West Ashley home, in comparison, is less than 1/2 the cost in taxes, at the same asking price. We are renting for the moment, but were possibly looking to buy something in late summer/early fall. Are Summerville property taxes really that outrageous? If so, does anyone know why there was such a dramatic tax increase from 2008?
Its possible they switched from the 4% owner occupied to the 6% standard rate. Also homes were gaining huge amounts of value through the first half of the 00's- operative word were.
I was just noticing tonight that some Summerville homes on the market have drastically increased property tax amounts in 2009, like over 180% increase on two of them. One home had a tax bill of $1670 in 2008, but jumped to $4850 in 2010. That's just crazy. A Grand Oaks Plantation West Ashley home, in comparison, is less than 1/2 the cost in taxes, at the same asking price. We are renting for the moment, but were possibly looking to buy something in late summer/early fall. Are Summerville property taxes really that outrageous? If so, does anyone know why there was such a dramatic tax increase from 2008?
The house has to be a switch from primary resident to non-primary and a 4% to 6% assessment switch. SC property tax is very low around 0.5% of the value of the house if it is your primary residence.
One thing is the reassesment happened in either 08 or 09, this happens ever 5 years, second those ones you pointed out may have like others have stated had a status change, our status changed without our knowing and the taxes nearly doubled until I filled out the correct paperwork to get it back to the lower tax rate.....
Taxes are not suppose to go up do to reassesment, but they usually do, they are suppose to lower the millage to compensate for the higher value to maintain a neutral revenue stream, but it is the government and while the people really do not pay much attention to what is going on they slip little things in like that....
There are two factors involved in these price jumps, as I just found out from buying a house.
1. The houses must have jumped from the 4% to the 6% rate due to the owner no longer occupying them. The percentage change doesn't account for the drastic increase, however.
2. The second factor is that properties taxed at the 6% rate do not receive the School Tax Credit, which is a deduction from the property tax bill for school operational costs. You can view the tax bills to see what I'm talking about on the county assessor's web sites, they're public. This tax credit knocks a huge chunk off of the bill when taxed at the 4% rate.
Its possible they switched from the 4% owner occupied to the 6% standard rate. Also homes were gaining huge amounts of value through the first half of the 00's- operative word were.
Yes I was going to say most likely they were assessed at the above 6% rate. taxes have not increase that much.
I didn't read all the posts but if your home is new construction..you are only taxed on the land the first year.
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