For those looking to buy Mt Pleasant SC real estate, here is a little reminder to save money on your property taxes.
There are two tax rates for homeowners of Mt Pleasant SC real estate: 4% and 6%. The 6% assessment is for non owner occupied properties—second homes and investment homes. The 4% rate is for owners whose home is their primary residence. However, upon closing, the 6% tax rate is automatically assessed, even if the home will be your primary residence. It is up to the homeowner to apply for the 4% rate.
Usually, this will be mentioned by the attorney at closing. There will be a form that is given to you at closing notifying you of this exemption. In addition, the county will send a letter to remind you within 30 days after closing.
Nevertheless, many homeowners forget about doing this. You can simply contact your county tax office to take care of getting this tax rate switched. You can also download a copy of the application online at the Charleston County website. In Mt Pleasant, the tax office is conveniently located across the hall from the Department of Motor Vehicles on the Isle Of Palms Connector–so you can change the address on your drivers license and apply for the 4% tax rate in one trip!
If you have forgotten to apply for this exemption, there is good news—you can be refunded the overage of taxes paid at the 6% rate vs. the 4% rate for up to a year’s worth of payments! It is also important to note that the 4% rate can cut your taxes almost in half!
For more helpful information about the Mt Pleasant SC real estate market, be sure to check out my website. You can sign up for my free list of homes that match your criteria, as well as other helpful information about buying a house in Charleston, SC, especially Mt Pleasant SC real estate.