The Keller Williams The Trembley Group Real Estate Professionals love to talk to Myrtle Beach homebuyers about real estate taxes. One of the Keller Williams The Trembley Group Realtors was recently having lunch with a Myrtle Beach Real estate buyer from Connecticut and discussing their current situation. They said their current Connecticut real estate taxes were running more than $33,000 per year. Other than near-perfect weather and coastal scenery that is second to none, the high taxes were one of the motivations for the move to the Grand Strand. $33,000! That was more than many folks paid for their first Myrtle Beach home. Taxes on a house of similar value was going to be less than $1,800 in Myrtle Beach.
People living in the Palmetto State enjoy one of the lowest property tax rates in the United States. Specific rates vary by county, but overall, almost everyone saves money on taxes when they make a move to South Carolina. In 2018, the average property tax rate in South Carolina was only 0.57%, the fifth-lowest rate in the country! And Horry County has the lowest property taxes in all of South Carolina! The average effective property tax rate in Horry County is just 0.37%. At that rate, taxes on a home with a full market value of $200,000 would be only $740 per year!
Individual counties collect property taxes in South Carolina. Each county has its own means of assessing and collecting monies due. The South Carolina Property Tax Calculator is a useful and valuable resource for folks looking to buy and budget for Myrtle Beach real estate.
The Grand Strand counties also assess several types of exemptions from property taxes in South Carolina. Among them is the Legal Residence Exemption, for those who can prove that their only legal residence is in Horry County. The Homestead Exemption provides relief for people who are 65 or over, disabled, or legally blind. There is also a Military Exemption for those who are serving in the armed forces and on active duty.
For Myrtle Beach real estate owners, property taxes are a fact of life. Real estate taxes are one of the expenses that any new homeowner should expect and should add to their budget when they consider making the leap and buying a Myrtle Beach house.
Keller Williams The Trembley Group Real Estate Professionals are frequently asked about South Carolina property taxes being “paid in arrears.” Of course, no one ever wants to be in arrears on a tax bill, so why would a homeowner pay property taxes in arrears? The fact is, it’s not the same as being in arrears on your property taxes, which means the tax payments haven’t been made on time. Paying property taxes in arrears means that a homeowner is paying their tax bill for the previous year in the final months of that year.
Jeremy explains it as similar to going out for dinner in a restaurant, “You order your food and eat it before you receive the check. With property taxes, you are billed every October for the services Horry County has already provided during the year.”
Tax bills in Horry County were recently mailed, and Keller Williams The Trembley Group Realtors’ phones are beginning to ring.
With property taxes assessed and paid in arrears, figuring out who owes what at a real estate closing can be a complicated matter. Jeremy Jenks, Vice President for Sales at Keller Williams The Trembley Group Real Estate recently recorded a split-screen conversation with his friend and top-rated real estate attorney, Brian Caskey, managing partner of Caskey and Imgrund in Columbia. Brian does an outstanding job of explaining what it means when taxes are paid in arrears and how that affects real estate tax proration. Brian and Jeremy give excellent tips for where and how to file the paperwork necessary to qualify for all the available exemptions.
In the video, Brian does an outstanding job of explaining the little intricacies of prorated taxes in South Carolina. And best of all, they explain all the little intricacies simply and clearly. Brian never uses Latin! For a practicing attorney, that’s a feat! Brian explains how they assess taxes, how some homeowners qualify for a substantial tax discount if their home is a primary residence, and what a new homeowner needs to do to convince the county that their new home is indeed their primary residence.
The video also addresses some technical issues that might arise regarding the payment Myrtle Beach real estate taxes. Brian and Jeremy explain what a Myrtle Beach real estate owner needs to do if they forget to file a homestead exemption with the county. (The homeowner can even get a refund of the taxes they overpaid!) And, believe it or not, sometimes a home seller receives a tax bill after they sold their property and paid their part of the prorated taxes at closing. Brian explains what to do.
There are lots of good reasons to use a professional Realtor like Keller Williams The Trembley Group to help buy Myrtle Beach real estate. A real estate professional can give home buyers access to more properties and make browsing more convenient with MLS. Negotiating a home sale can be tricky business, and a real estate professional representing a buyer and participating in a commission can be a lot less expensive than an attorney on retainer. While there are certainly people who are qualified to negotiate and buy a home on their own, a quick look at the long list of frequently asked questions on most but-it-yourself websites suggests the process isn’t as simple as many people assume. And if a problematic situation arises, it can pay to be represented by a real estate professional.
One of the greatest benefits of professional representation is the professional network that the real estate professional brings to the table. When hiring a Keller Williams The Trembley Group Real Estate Professional, a buyer is also buying into a professional network of tried and true professionals like real estate appraisers, home inspectors, insurance brokers, and real estate attorneys like Brian Caskey. Most clients save significantly by listening to sometimes simple tips like Brian Caskey and Jeremy Jenks discuss in their property tax video.
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At Keller Williams The Trembley Group, we pride ourselves on being the experts at more than just selling real estate. We are local residents, some of us have been here for a lifetime. The rest of us will be here until the end of time. We love living, working, and playing in the diverse backyard of Coastal Carolina, and look forward to helping you live and love your dreams soon too. Please reach out to us by phone or email for personalized 6-star service and one-on-one advice.