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Old 01-24-2021, 12:53 PM
 
Location: Startham, NH
17 posts, read 8,218 times
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So we've been looking for a 2nd home in the low country........thought it strange that none of the member owned Bluffton/Hilton Head private golf communities offered seasonal memberships......having done some research on the property tax situation, it's clear now as to why that is. As several posters on this thread have pointed out, 2nd home owners in SC pay 6% instead of 4% of the assessed value after the millage rate is applied in each county, a 50% increase in property taxes relative to full time residents, but that's only the base property tax rate. The reality is much worse. 2nd home owners can't take the homestead exemption and after the county adds in the school operations tax and/or assesses your property at a higher value because you're from out of state (Charleston County), 2nd home owners pay 2 to 3x in property taxes relative to permanent SC owners. Of course, one answer to that problem is to change your domicile from the high tax northeast state to the low tax palmetto state......that works unless you live in NH, a state with no income or capital gains tax, leaving GA or FL for granite state snowbirds looking for value.
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Old 01-24-2021, 03:17 PM
 
Location: South of Cakalaki
4,283 posts, read 2,612,542 times
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GA and FL are nice.
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Old 01-25-2021, 05:25 AM
 
Location: James Island, SC
3,516 posts, read 3,452,604 times
Reputation: 1157
Quote:
Originally Posted by russmatt99 View Post
So we've been looking for a 2nd home in the low country........thought it strange that none of the member owned Bluffton/Hilton Head private golf communities offered seasonal memberships......having done some research on the property tax situation, it's clear now as to why that is. As several posters on this thread have pointed out, 2nd home owners in SC pay 6% instead of 4% of the assessed value after the millage rate is applied in each county, a 50% increase in property taxes relative to full time residents, but that's only the base property tax rate. The reality is much worse. 2nd home owners can't take the homestead exemption and after the county adds in the school operations tax and/or assesses your property at a higher value because you're from out of state (Charleston County), 2nd home owners pay 2 to 3x in property taxes relative to permanent SC owners. Of course, one answer to that problem is to change your domicile from the high tax northeast state to the low tax palmetto state......that works unless you live in NH, a state with no income or capital gains tax, leaving GA or FL for granite state snowbirds looking for value.
That's right. While SC property taxes are low on average, the state hits investors and second home owners relatively hard to meet the budget needs. I usually tell investors to figure on ~3x the taxes that an owner occupied residence would pay. For Charleston County the tax calculator is here and once you fill in an assessed value (usually the purchase price for newly purchased property) and your tax district, you can toggle the assessment ratio back and forth to see the difference:

https://www.charlestoncounty.org/dep...-estimator.php

With all of the investment money that SC has seen coming in in the recent years, this has worked out well for the state.
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Old 01-25-2021, 06:43 AM
 
Location: Charleston, SC
6,545 posts, read 4,558,781 times
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Quote:
Originally Posted by russmatt99 View Post
So we've been looking for a 2nd home in the low country........thought it strange that none of the member owned Bluffton/Hilton Head private golf communities offered seasonal memberships......having done some research on the property tax situation, it's clear now as to why that is. As several posters on this thread have pointed out, 2nd home owners in SC pay 6% instead of 4% of the assessed value after the millage rate is applied in each county, a 50% increase in property taxes relative to full time residents, but that's only the base property tax rate. The reality is much worse. 2nd home owners can't take the homestead exemption and after the county adds in the school operations tax and/or assesses your property at a higher value because you're from out of state (Charleston County), 2nd home owners pay 2 to 3x in property taxes relative to permanent SC owners. Of course, one answer to that problem is to change your domicile from the high tax northeast state to the low tax palmetto state......that works unless you live in NH, a state with no income or capital gains tax, leaving GA or FL for granite state snowbirds looking for value.
Well, our taxes for investors and 2nd home owners is a bit pricey, but they sure beat Jersey.
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Old 01-25-2021, 07:05 AM
 
Location: South of Cakalaki
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This is an oft repeated refrain from folks coming from outside the state looking for 2nd homes. But SC needs to do what is best for the citizens of SC, not for non-citizens.
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Old 01-25-2021, 08:51 AM
 
Location: Startham, NH
17 posts, read 8,218 times
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What's best for SC and not for investors or 2nd home owners will, recent moving trends not withstanding, end up being bad for both. NH residents are in a very unique position as, unlike every other northeast state, we don't pay state income or capital gains taxes so not financially advantageous to domicile anywhere else in the SE except FL (basically the same tax laws as NH). I guess that's why we have literally met no one from NH while visiting SC.
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Old 01-25-2021, 09:45 AM
 
Location: James Island, SC
3,516 posts, read 3,452,604 times
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Quote:
Originally Posted by russmatt99 View Post
What's best for SC and not for investors or 2nd home owners will, recent moving trends not withstanding, end up being bad for both. NH residents are in a very unique position as, unlike every other northeast state, we don't pay state income or capital gains taxes so not financially advantageous to domicile anywhere else in the SE except FL (basically the same tax laws as NH). I guess that's why we have literally met no one from NH while visiting SC.

No state income or cap gains tax... where does NH get the money that every state needs (roads, schools, etc)? It must come from somewhere. Some states, like FL, might make up a lot of it with tourist dollars but I doubt that's the case for NH. I know whenever I've looked up overall cost of living for different states, everything in the northeast is more expensive than SC.

Of course there are a lot of reasons other than financial to choose where you live. Most of the folks I encounter moving here from the northeast cite the weather as one of the main reasons.
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Old 01-25-2021, 10:13 AM
 
Location: South of Cakalaki
4,283 posts, read 2,612,542 times
Reputation: 3588
Quote:
Originally Posted by russmatt99 View Post
What's best for SC and not for investors or 2nd home owners will, recent moving trends not withstanding, end up being bad for both. NH residents are in a very unique position as, unlike every other northeast state, we don't pay state income or capital gains taxes so not financially advantageous to domicile anywhere else in the SE except FL (basically the same tax laws as NH). I guess that's why we have literally met no one from NH while visiting SC.
In the Charleston metro demand for housing is ridiculous. LH can correct me, but I've heard inventory is the lowest in years.

So, you present a unique set of circumstances and question why the rules aren't changed to suit your needs. To that I say, really? We have hoards of people from NY, MA, CT, NJ, and other Northeastern states. Again, coastal Georgia and Florida have many great opportunities.
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Old 01-25-2021, 10:18 AM
 
Location: South of Cakalaki
4,283 posts, read 2,612,542 times
Reputation: 3588
Quote:
Originally Posted by LocalHero View Post
No state income or cap gains tax... where does NH get the money that every state needs (roads, schools, etc)? It must come from somewhere. Some states, like FL, might make up a lot of it with tourist dollars but I doubt that's the case for NH. I know whenever I've looked up overall cost of living for different states, everything in the northeast is more expensive than SC.

Of course there are a lot of reasons other than financial to choose where you live. Most of the folks I encounter moving here from the northeast cite the weather as one of the main reasons.
The effective property tax rate in SC is 6th lowest in the country. NH is third highest.

https://taxfoundation.org/how-high-a...ur-state-2020/
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Old 01-25-2021, 10:21 AM
 
Location: Spartanburg, SC
4,423 posts, read 5,987,671 times
Reputation: 3248
Quote:
Originally Posted by m1a1mg View Post
In the Charleston metro demand for housing is ridiculous. LH can correct me, but I've heard inventory is the lowest in years.

So, you present a unique set of circumstances and question why the rules aren't changed to suit your needs. To that I say, really? We have hoards of people from NY, MA, CT, NJ, and other Northeastern states. Again, coastal Georgia and Florida have many great opportunities.
Can’t rep you but
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