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Hi folks the wife and I are retired and are fleeing the not so great state of Ill. We've been to Charleston and loved it Looking at home listings in Mt. Pleasant, one site shows the amount of real estate tax on each home. Is about $8700.00 yearly what I can expect to pay on a 300,000 home ? Thanks
In SC with a homestead exemption (over 65 years of age) and on your primary residence, real estate taxes will be about $350 per $100K so on a $300K home, about $1K ($1,000.00) per year. The rate on a non-primary residence will be higher.
Your realtor should be able to help you there, or you can go on the Charleston County website and use the tax calculator. Don't forget a lot of homes in Mt. P also require flood insurance.
The $8,700 amount you saw was most likely the investor 6% tax rate. As an owner occupant you would be entitled to cut that right by approx. 2/3rds. You'd need to apply for the 4% assessment rate after you close on the property, proving to the county that you own and occupy the home as your primary residence. If you qualify for other exemptions, i.e. 65 years or older, then you'll be able to get the tax rate to reduce again, considerably. Normally, in Mt. Pleasant, figure .5%-.6% of the purchase price as a good yearly estimate for annual taxes. So approx. $1600-$1800 yearly on a $300k home.
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