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Moving to Clover S.C. shortly and was wondering what the property taxes are in the area. The home is just about a $200k and my mortgage company has estimated the taxes at $2,850 per year. Here in Jersey that is cheap but I was really under the impression that property taxes in Clover was even lower than that.
Does this sound right or did my mortgage rep make an error ?
Your property taxes are fair market value X .04 X millage rate. The millage rate for Clover is .3556 in 2006. If fair market value of your home is $200,000, you would owe $2844.80 in property tax.
Yikes! OK, a millage rate is the rate that your property is taxed per $1,000 of property value in that county/city/school district. For 2006 taxes, Clover's is .3556, Fort Mill's is .343, Tega Cay's is .345. Fair market value is determined by the County Assessor's office and in SC taxes are paid annually by Jan 15 (I think). The property tax you pay is divided up between the interested parties: County, City, Schools, etc. You can find this all online if you search for it. Clover's is divided as follows: County .0626, City .1060, Schools .1870. So, more than half of the tax goes to the school system. Now, I have read that since the $.01 increase in sales tax is passed, property taxes will be reduced in the state. That was effective June 1, 2007 if memory serves.
Is this your first home by chance? Property tax on homes is a universal concept, not just a SC thing. SC's PPT on vehicles is not done everywhere, but when we lived in Iowa we paid $250 to $400 per year to register a vehicle, so it's pretty much the same difference.
The taxes you were quoted are based on the 2006 tax rate. This will change in the 2007 tax rate. South Carolina has increased the sales tax from 5% to 6% in 2007. This will result in about a 1/3 reduction in your real estate tax. They will release the new real estate tax rate in September and you should see a substatial savings.
Is this your first home by chance? Property tax on homes is a universal concept, not just a SC thing. SC's PPT on vehicles is not done everywhere, but when we lived in Iowa we paid $250 to $400 per year to register a vehicle, so it's pretty much the same difference.
Not my first home that's for sure. Here in Jersey it's more or less just pay you $7,000 property and don't ask questions I have just have heard the term millage before.
Your tax bill will be reduced after you claim a "Homeowner occupied exemption" with the county tax office. Basically, it will exempt you from paying school property taxes on the first $100,000 value of yor home. Regarding the property tax relief act which recently went into effect, don't expect much help there. Predictions are taxes will NOT be reduced for homes $200,000 and less--it is mainly designed to lower taxes for homes $400K and higher---but we all pay the extra penny in sales tax!!!! BTW, sales tax in SC is actually 8%, since there is a 2% local option...
Moving to Clover S.C. shortly and was wondering what the property taxes are in the area. The home is just about a $200k and my mortgage company has estimated the taxes at $2,850 per year. Here in Jersey that is cheap but I was really under the impression that property taxes in Clover was even lower than that.
Does this sound right or did my mortgage rep make an error ?
Thanks
You need to apply for homestead exemption. It will lower that considerably.
Moving to Clover S.C. shortly and was wondering what the property taxes are in the area. The home is just about a $200k and my mortgage company has estimated the taxes at $2,850 per year. Here in Jersey that is cheap but I was really under the impression that property taxes in Clover was even lower than that.
Does this sound right or did my mortgage rep make an error ?
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but I was really under the impression that property taxes in Clover was even lower than that. 
I have just have heard the term millage before. 
