Buying in Greer... (Greenville, North: real estate, coupon, renting)

[oldhousejunkie]

My husband and I are looking at purchasing a duplex in Greer. We'll be living in one side and renting out the other. Our realtor says that as long as we are living in it, then the lower tax rate will prevail. Does anyone know how to calculate it? Property taxes have always been a mystery to me with the millage rates and so on. Since the property has been income producing previously, the tax bills are based on the higher rate.

Any ideas of how to compute our expected bill? I found a calculator online but the result seemed kind of low to me.

Also, any good closing attorney recommendations? I work in Greenville, off of North Pleasantburg, so anyone in that area or downtown would suit. We're not particular--just looking for someone to do their job and not charge an arm and a leg. We're trying to keep our closing costs below 3%!

Thanks in advance!

[Eldemila]

Originally Posted by oldhousejunkie

My husband and I are looking at purchasing a duplex in Greer. We'll be living in one side and renting out the other. Our realtor says that as long as we are living in it, then the lower tax rate will prevail. Does anyone know how to calculate it? Property taxes have always been a mystery to me with the millage rates and so on. Since the property has been income producing previously, the tax bills are based on the higher rate.

Any ideas of how to compute our expected bill? I found a calculator online but the result seemed kind of low to me.

Also, any good closing attorney recommendations? I work in Greenville, off of North Pleasantburg, so anyone in that area or downtown would suit. We're not particular--just looking for someone to do their job and not charge an arm and a leg. We're trying to keep our closing costs below 3%!

Thanks in advance!

I used Noon & Hammett on Stone (used Noon) I thought she was very reasonable.

I think I have some coupon she stapled to my file for $100 off - if interested I'll look and see if my memory is correct.

[ckeegan]

I really don't know how this will look after I hit submit, but use this formula for calculating just about anything having to do with property taxes. Sorry if city-data reformats it:

Tax

---------------------------------
Assessed Value | Millage Rate

|
X
|

---------------------------------
Market Value | Assessment Rate

|
X
|

1 mill = .001

Example: If you want to find your taxes, take the market value and multiply by the assessment rate (4%). Then multiply your market/assessed value by the millage rate to get your taxes.

I hope that helps, but as far as closing attorney, they are a pretty minimal part of closing costs, so your choice in closing attorney shouldn't have too much impact on your total costs. The majority of your closing costs are lender fees (origination, etc). Most closing attorneys in town charge between $300-500 for a real estate closing.

[ckeegan]

Originally Posted by ckeegan

I really don't know how this will look after I hit submit, but use this formula for calculating just about anything having to do with property taxes. Sorry if city-data reformats it

Forget it, I just drew it in Photoshop. Does that make sense? Just remember, 1 mill = .001

This also does not take into account any credits you may receive (homestead exemption, etc).