Hilton Head Island, SC Real Estate Professional: The Property Tax Man Cometh in Beaufort County, SC

The Property Tax Man Cometh in Beaufort County, SC

The Property Tax Man Cometh in Beaufort County, SC

The Property Tax Man Cometh in Beaufort County, SCEvery 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.

HOW CAN I CONTEST THIS?

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.

BOTTOM LINE

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!

 

 

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Comment balloon 8 commentsSusan Jacobsen • September 07 2013 01:43PM

Comments

Gosh, only every 5 years?  Our homes are reassessed every year!!  I hear from lots of previous clients asking why the assessment are way over what they paid for the home every year.  Good way to keep in touch, LOL.

Posted by Suzanne Taylor, Home Sales In Corpus Christi, TX (Ultima Real Estate - Corpus Christi) over 6 years ago

It is never fun to receive a property tax bill in the mail.  I know many folks will not be happy.l

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 6 years ago

In St. Aguustine we get assessed every year with values having come down in the last 4 years. It is always gloomy when reassessment comes. Services are threatened to be removed but they never fix the problem of waste and incompetence.

Posted by Jimmy Faulkner, The Best Of St. Augustine (Florida. Homes Realty & Mortgage) over 6 years ago

Assessed values are not the guide as in Maine it is every 10 years by law a reassessment is needed and it is a down and dirty way to cover a lot of ground quickly. And 25% of the assessments in some small towns are out of whack up or down. The value today is not tied to a run the town or city approach to raising muncipal money done three, five years ago huh? Like seasons, markets change. Insurance if it burns down value is another figure that Joe House Buyer is not going to be able to swing with a bank involved.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) over 6 years ago

Oklahoma homes are assessed every year but we have an anti tax legislature and they have limited the increases yearly to 3%. Our state association has on its agenda for next year to lobby for the end of ducumentary stamps for sellers which is a  form of transfer tax. Since the counties have lost important revenue to this law of unintended (or inteneded) consequences this has put the kiboosh on that.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) over 6 years ago

Florida works pretty much the way Oklahoma does, with a maximum 3% increase a year and we also have portability where you can save taxes on your new home.

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 6 years ago
Susan, I am amazed at the time frames in your state, here it is every year that properties are reassessed based on the previous years sales data. There is also a process to appeal to the value adjustment board that people can do if they disagree.
Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) over 6 years ago

Thanks a bunch for all of your comments! It is fascinating to find out how other states accomplish this especially since so many out of state folks buy here. It reminds me to be ever mindful of the differences and to continually try to educate and set up the proper expectations.

Posted by Susan Jacobsen, 20 Years Providing WOW Real Estate Service (The Alliance Group Realty) over 6 years ago

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