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What is the MP Real Estate Tax Rate (for primary residence, not rental)? I know it's 4% of assessed value (which is the appraised value x the assessment ratio) x the millage rate, minus some tax credit. What is the Millage Rate (Carolina Park), Assessment Ratio and Tax Credit? Can't seem to find this information online anywhere or what district Carolina Park is in.
We just filed for the 4% Tax Rate, and also the age 65 Homestead Exemption.
You may have to call the Assessor's office to get familiar with the forms for Homestead Exemption, but it's certainly worth the call. Also, an Appeal of your Tax Assessment may be in order here -- the Assessed Values are based on fiscal year 2014 (I think their year ends in October) and you can avoid paying for any increase in value since then. There is a window for filing your appeal, but if you are granted a lower assessment, it is good for the next 5 years or so.
I don't think they have time to measure every new house, I think they will take the Builder's sqft times a Quality Factor for the Assessed value of the Improvements (your House). The Land Values will be influenced by any positive view like a pond or the golf course. But in a newer subdivision, this is all done with broad brush strokes.
That's why you should get the application for a Tax Assessment Appeal so you get a fair appraisal of you specific home.
macalan --
I believe the millage rate is 41.0 and it's the same in all of Mt P, and not specific to each subdivision. As I mentioned, you should call the Assessor's Office to verify. Charleston County is also on the Take here, and their Millage Rate is 186...you really need to ask these questions to the County Assessor's Office
Can I ask.....did you change the plans to make the footprint bigger when you built ?? If so, they Assessor may have taken the Builder's estimate for your Living Area. I don't think they are staffed to physically measure every new house in Mt P.
Also, the Tax Assessment is based on a window of Sales during the last Fiscal Year ending in October 2015 -- so basing your Assessment on your Closed Sales Price after that date is unfair to you, because of the run-up in prices since that date.
The deadline to appeal taxes is in November. I would suggest you ask your Realtor to send you listings of "Similar" Homes that sold in CP in 2015, with any eye towards the low side of the Sales. You'll need 3 sales to present to the Assessor in your Appeal. Their Office will be swamped with Appeals this cycle, so they will not be in a position to scrutinize every Appeal thoroughly. In my experience, if it's presented in a coherent manner.....it will be approved. Then they'll just raise the Millage Rate to balance out the losses (but the Millage will be on your Lower Assessed Value).
Last edited by FiveLoaves; 08-27-2016 at 08:09 AM..
Reason: syntax
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