South Carolina’s UNEVEN property taxes explained

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In South Carolina, two identical properties can have vastly different property tax bills due to how properties are reassessed every 5 years. This can lead to hundreds of thousands of dollars in value being exempt from being taxed. Why is that?
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Опубликовано:

3 июл 2024

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Комментарии : 13

@timothybilsky3023 4 месяца назад

Haha. I have one brother who lives 4 houses away from another brother. The one in the old plan (60+ yrs old) who bought in around 2010 has done all kinds of updates and pays like 4k/yr. The other who purchased a new build in the new part of the plan, about 2017, pays over 10k. Stew on that. Values were they to sell would prob be pretty close today given the older home has 7 bedrooms.

@robertgill7061 4 месяца назад

I like that homwowners are protected when they stay put. A buyer knows what the taxes are time of purchase before they make their purchase. Property taxes are awful. The idea that the government can foreclose over property taxes is awful. Just put a lien on it and add interest until it changes hands. So much for “owning your home”.

@TheBillOlson 4 месяца назад

Wouldn’t people just let that interest build up, especially if they never planned on moving. Many people around here have had homes in their families for generations. A lien would just be a way to not pay.

@SC_LFC 5 месяцев назад

Having moved here from CT i like the tax system here much better. We just bought a house last month so, yes, we pay more taxes than the previous owner, but i have no problem with the premise that “if you were willing to pay that amount for the house, therefore that should be the basis for the assessment”.

@TheBillOlson 5 месяцев назад

On the surface it seems “unfair” but it’s actually a really good system.

@thomasarillotta6518 5 месяцев назад

2/4/24 Viewing; loved it!

@TheBillOlson 5 месяцев назад

Thanks!

@zeitgeistcowboy 5 месяцев назад

What happens when you buy a plot of dirt and build a house? Thanks Bill! 😊

@TheBillOlson 5 месяцев назад

You get lucky the first tax bill because I’ve seen them taxed as raw land. If the property starts as raw land to begin the year, that’s typically the end of year tax bill. The next year make sure you apply for primary residence taxes and enjoy a beautiful home!

@moshechaimrosenwald7473 5 месяцев назад

Hello Bill, love your Vids. How to I keep my house taxes low when I purchase a 2nd home in Horry County later this year, or early - Winter 2025? Would be a secondary Residence for me as a 100% P&T Disabled Veteran? Thank You

@TheBillOlson 5 месяцев назад

Thank you for your service! I believe all tax exemptions for disabled veterans is for primary residence only. Non primary homes typically have a tax bill around 3x that of primary homes in SC

@moshechaimrosenwald7473 5 месяцев назад

@@TheBillOlson I see, is the law still there say something like, if I purchase a home there, Horry County, and live there for a year, register my auto there and stuff, I get the primary taxes for life, even if I change my primary address after one year? I am not worried about the Veteran benefit but am not inclined to give Horry County 3x the going tax rate just for the previlege of buying a home in the swamp.

@TheBillOlson 5 месяцев назад

@@moshechaimrosenwald7473 I’m not positive about Horry County, but I believe all of SC is that it’s only taxed as primary when you reside there as a primary residence.