The Property Tax Man Cometh in Beaufort County, SC
Every five years in Beaufort County, properties are re-assessed. This year may bring more gnashing of teeth than usual. The Beaufort County Assessor's Office has produced a Citizen's Guide and you can use this link for this informative booklet.
I JUST PAID WAY LESS THAN THE ASSESSED MARKET VALUE
Yes, I realize that you may have paid $300,000 for a home that was assessed at $500,000 but at your closing this year, you paid prorated property taxes based on that current assessment. IF you purchased a home that had been a second home or investment property and are now going to make it your permanent residence, then yes, you will file paperwork so that you can take advantage of the 4% basis not the 6%; however, that does not address the fact of the assessed value. The assessed value is NOT the market value -
MY PROPERTY VALUE IS WAY LESS THAN THE ASSESSED VALUE
OK, now you're not selling but you still know that your home is not "worth" what the assessor's office - your new best friend Ed Hughes - says it is. What to do? If you contact me directly, I can try to help you by providing you with at least 4 comparables of homes that closed and indicate a value AS OF DECEMBER 31, 2012.
Well, first, a Realtor cannot represent you at the actual proceeding for an appeal. I can provide names of some terrific appraisers in the area who are extremely knowledgeable first about property values, and secondly about the means and methods that are required when they appear before the appeals board, and what information they'll need from you.
WHAT ABOUT THAT 'POINT OF SALE' LEGISLATION? (AKA Act 388)
To be frank, this is quite the can of worms. The intent of the legislation was to protect property owners who were not selling from having the value of their properties increase dramatically during the boom time when properties were selling multiple times for 'values' that were hyper-inflated. The result, however, of the legislation was to further create an inequity for second home owners.
Stay calm. After a presentation by Ed Hughes to our Hilton Head Area Association of Realtors, we were led to believe that some property values will indeed decrease; unfortunately, some will increase (not surprising). It is apparent that the property taxes for homeowners 'north of the Broad' will increase to a greater extent than those on Hilton Head. We all want the services to continue and the county, the schools, police, everyone has been anticipating this You'll be receiving your tax bills the week of September 9th through the lucky Friday September 13th. I look forward to your call!