Real Estate Taxes

Today I received a Call to Action e-mail that was sent to all Realtors around the state.  I have posted this e-mail below because it not only affect Realtors, but virtually every single person in the Palmetto State.  If you own, plan to buy, or plan to sell property in the state of South Carolina this affects you in a dramatic way.  If you don't know what the Point of Sale real estate tax is, you should.  Below are some facts taken directly for the SC Realtors website.  Keep reading to learn more.

From the SC Realtors Website on "Point of Sale":

In 2006, the General Assembly enacted property tax reform that provided for point of sale property tax assessment.  Regrettably, this has created serious inequities in the real estate market.   

Point of sale

Today I want to post a video that breaks down some of the details of the Federal $8000 Tax Credit for New Home Buyers.  This housing credit is somewhat complicated because it applies to so many of us.  It may surprise you reading this, but  an amazing 40% of home purchases are made by first timers.  With the real estate market is such a slump, some estimates have first time buyers equaling up to 60% of closings.  A big reason that percentage is now so high is because of a couple factors.  Those factors are:  the Federal $8000 Home Buyer Credit, historically low interest rates, and many foreclosures being gobbled up.  

Even as a Beaufort SC Realtor, I sometimes have a tough time getting through all the legal jargon associated with some of these tax

In a somewhat surprising move the Beaufort Country will be reassessing property values in 2009.  The county assessor, Ed Hughes, who just last month said it might be beneficial to the county to postpone reassessment, has changed course again.  On Monday, March 23rd Hughes told the Finance Committee that his team had made such preparations for the reassessment this year, that waiting until next year wouldn't make sense.  With council members is agreement, it looks as though it will go through as planned.

I'd say more than a little shocking.  Sure, the scheduled 5 year reassessment time is 2009 but the government has the option to put it off one year.  Hughes and the Beaufort County Council are well aware that the SC Association of Realtors and many South

Having a tough time paying those large property tax bills all at once?  Beaufort County has initiated a relief program to help residential and commercial property owners.  The program allows property owners to divide their 2008 real property taxes into 5 separate installments.  Applications for the program were mailed along with tax notices last month.  An online version of the installment application can be found on the Beaufort County Website.  Owners must apply for the program to see if they are eligible

Be aware that the installment program is available only for real property (residential or commercial property) taxes.  The plan cannot be used for such things as cars, trucks, motorcycles, or boats used as a primary residence.  Applications must be