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Milesbfree, I live in Lakeshore, and your bill still seems alittle high.
After the school millage was dropped the county started assessing at a much higher rate up to actual price paid for the property (for newly transfered property). It used to be your tax value was 80-90% of the sales price and if you bought in a year or more ago this is probably the case. Initial tax value is now more like 97-100% of the actual sales price.
Tega Cay is significantly higher than the rest of Fort Mill. My inlaws live on the lake in Tega Cay and were telling me that there has been alot of reassesment in Tega Cay so it basically cancelled out the lowering of the property taxes in York County, so they are paying almost the same as what they were before. Perhaps they just haven't gotten around to everyone yet.
Think about it on the positive side though. We all want our property values to go up and the Charlotte area is one of only three major metro areas to see an increase in property values last year. We do, even in Tega Cay, pay less property taxes and less taxes in general than the NE, it is just that our property values have skyrocketed the last few years.
I'm not saying that there isn't still a mistake somewhere, but do expect to pay more in Tega Cay.
Tega Cay is significantly higher than the rest of Fort Mill. My inlaws live on the lake in Tega Cay and were telling me that there has been alot of reassesment in Tega Cay so it basically cancelled out the lowering of the property taxes in York County, so they are paying almost the same as what they were before. Perhaps they just haven't gotten around to everyone yet.
Think about it on the positive side though. We all want our property values to go up and the Charlotte area is one of only three major metro areas to see an increase in property values last year. We do, even in Tega Cay, pay less property taxes and less taxes in general than the NE, it is just that our property values have skyrocketed the last few years.
I'm not saying that there isn't still a mistake somewhere, but do expect to pay more in Tega Cay.
I'm thinking if you live on the lake your property valuation is at least 500-600k so removing the school portion of the property tax would reduce your tax liability by about half. By law, your tax liability cannot go up more than 15% per reassessment (not to be confused with transfer of ownership).
Now if you didn't live on the lake and your property values went up 20% with the reassessment, and the town, as a whole went up 20%, your new tax liability would be the same. Everyone wouldn't pay 20% more in taxes just because property values increased as a whole 20%; this is against SC law. The base line remains the same and millage goes down.
If you lived on the lake and the reassessment was 35%-50% higher than before, because the baseline was 20%, your liability is capped at a 15% increase even though your home values may be anywhere from 35-50% more than before.
If your property tax bill did not change in the last year and you lived on the lake or in a McMansion I would be looking at those numbers real hard.
I do not claim to be a property tax expert. I will state though that property taxes can be very confusing here for a variety of reasons..one of which is understanding that there are homes here that sit within a city, or town (that will have city/town services), and then there's also homes that sit in an unincorportated part of York County (the later...usually being the lowest)
Now I am only speaking about my property taxes in Tega Cay (under owner-occupied rate). My taxes along with many of my neighbors homes were re-assest last year (I am under the impression that your home can not be reassest more than once a year..unless there is change of ownership, and/or you add-on to your home)?
With that said...even with our home being reassest last year my property taxes in Tega Cay are/were as follows:
that is for a home in the city of Tega Cay (5br, 3,400 sq. ft, 1/3 acre lot), with many ammenities within the city, and no HOA, with little commerical development to offset (that is getting ready to change though ).
I am not trying to defend the property taxes within Tega Cay...just stating what they are.
An example of homes within Fort Mill Township would be Baxter Village, or Sutton Place...these two subdivisions are located in the unincorportated portion of land within York County. Your property taxes will be lower here because you are not paying for city/town services. Any services such as police protection would be handled by York County Sheriff's. Out of pocket expenses would be for sanitation services and/or other city services, and any HOA fees. Any growth decisions are handled by the county of York.
Now if someone really wanted the lowest taxes possilbe you may want to look outside of (not only) Tega Cay, but the town of Fort Mill, and even the Fort Mill Township. We are the only 3 areas within York County that impose an impact fee.
So.....my suggestion would be...make sure you do your homework in regard to property taxes BEFORE you buy your home.
In Lancaster County, a home worth about $250,000 will have a tax bill less than $1250 if it's your primary domicile. We moved to Lancaster County (Indian Land) because it was the lowest tax base in the South Charlotte area, but the closest to the highest residential priced area in Charlotte (28277 Ballantyne). We looked at York, but everyone I know with a similar house pays about 30-40% more for their home each year than we do on taxes and home price (per sq ft).
I'm thinking if you live on the lake your property valuation is at least 500-600k so removing the school portion of the property tax would reduce your tax liability by about half. By law, your tax liability cannot go up more than 15% per reassessment (not to be confused with transfer of ownership).
Now if you didn't live on the lake and your property values went up 20% with the reassessment, and the town, as a whole went up 20%, your new tax liability would be the same. Everyone wouldn't pay 20% more in taxes just because property values increased as a whole 20%; this is against SC law. The base line remains the same and millage goes down.
If you lived on the lake and the reassessment was 35%-50% higher than before, because the baseline was 20%, your liability is capped at a 15% increase even though your home values may be anywhere from 35-50% more than before.
If your property tax bill did not change in the last year and you lived on the lake or in a McMansion I would be looking at those numbers real hard.
Thanks, I will have to pass this info along to them. They do live on the lake although not in a mansion but I imagine just being on the lake their value has gone up quite a bit. I don't know the details but I just know that we were discussing this just the other day. Just know that Tega Cay is higher than any other part of Fort Mill.
i will be moving to Fort Mill at the end of nov and i was curious as to when i should fill out this form. should i fill out and return this form NOW or wait til the first of the year? my estimated taxes will be $1864 (244,000 * .04 * .191 = $1864) TIA!
Here is a breakdown of my taxes and also advice to people purchasing resale properties.
House purchase 2/06 - $470,000
Lake Front Property - No significant increase from a 2006 purchase price
Current Appraised Value - $455,000
Assed % - 4% (owner Occupied)
Millage Rate 290.6 (Unincorporated York County - River Hills)
Less School Exemption - $3115.62
Taxes Due - $2,179.11
Previous owner taxes - 1,492.10
Resale Purchase Advice: DO NOT RELY ON THE EXISTING TAXES BEING PAID BY THE CURRENT OWNER, YOU WILL BE REASSESSED BASED ON THE PURCHASE PRICE OF THE HOME.
Note: If you are 65 (or older) you are eligible for an additional tax incentive.
Last edited by Belmarin; 10-21-2008 at 05:27 PM..
Reason: Addition of lakefront info
i will be moving to Fort Mill at the end of nov and i was curious as to when i should fill out this form. should i fill out and return this form NOW or wait til the first of the year? my estimated taxes will be $1864 (244,000 * .04 * .191 = $1864) TIA!
Part of what you have to include with the form is a copy of your driver's license showing that address as your residence. So you have to wait until after you are there.
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Resale Purchase Advice
