All Forum Posts by: Chris Rosenberg

Quote from @Chris Rosenberg:

@Pete Schmidt I actually appealed 4 property values this year. So far I got 2 back and they reduced their new assessment by $50k and $35k. 

Nice.  I have only had one property I appealed (and truthfully I thought the county’s estimate was fairly accurate), however the appraiser killed me with their low ball price, therefore I showed the appraisers report to the county and they reduced mine as well. Other than that one though, the county’s values seem to be a little on the lower side, but considering they base the taxes off their prices, I had no issues with that. lol

Quote from @Chris Rosenberg:

Quote from @Bob Stevens:

Quote from @Chris Rosenberg:

Hey everyone. I'm looking to venture out into other markets as my home market (Myrtle Beach) has been pretty tight for a while now. I've been looking at a few areas and Columbia, SC is on my radar. I've been looking for 1-4 unit BRRRRs. The numbers seem to pencil out but I'm trying to figure out these property taxes. I know it varies based on tax district, but it seems like taxes are 3-4% of market value. Is this correct? And do they reassess after a rehab or do they basically go based on sales price? I mean $6k taxes on a $150k house is pretty steep. 

And although I prefer small multifamily, it seems like SFR works better in Columbia based on price points, rents, and tenant retention. Are you finding this to be true? Thanks in advance.

 All info is on all the RE sites,Zillow, just scrool down taxes are listed  

 This is true, except in my area taxes triple if it goes from owner occupant to non-owner occupant. And the reassessment triggered by the sale is based on the market value, not the purchase price. I've had taxes on properties that were already non-owner occupant double and triple this year. I've had properties get reassessed at values of over $150k more than I paid for them last year (the assessed value tripled). I got destroyed with taxes this year. I'm in Myrtle Beach, SC. 

 I lived in Murrels Inlet for a year or so, Wachasaw Plantaion, 

Columbia, SC investor since 2006 here.

Taxes on a 150k non-owner occupied in the City of Columbia is ~$4,300.
~3% of the purchase price annually.

Hey Chris, 

There is a property tax calculator online for South Carolina, and you would have to know the millage rate for that county.  What I think you should do is reach out to a title attorney local to Columbia and ask them to calculate it for you (or at least give you a rough idea). 

Taxes in SC are fairly low compared to surrounding states.  For example, on a 150K house, the property taxes will probably will be close to 3K annually for second home or investment property. 

Talk to a Title Company or Closing Attorney! 

Quote from @Chris Rosenberg:

Hey everyone. I'm looking to venture out into other markets as my home market (Myrtle Beach) has been pretty tight for a while now. I've been looking at a few areas and Columbia, SC is on my radar. I've been looking for 1-4 unit BRRRRs. The numbers seem to pencil out but I'm trying to figure out these property taxes. I know it varies based on tax district, but it seems like taxes are 3-4% of market value. Is this correct? And do they reassess after a rehab or do they basically go based on sales price? I mean $6k taxes on a $150k house is pretty steep. 

And although I prefer small multifamily, it seems like SFR works better in Columbia based on price points, rents, and tenant retention. Are you finding this to be true? Thanks in advance.

 All info is on all the RE sites,Zillow, just scrool down taxes are listed  

Hey Chris, 

So much plays a role in prop taxes & here in Fort Worth, TX my prop taxes are $3,500 on a $185,000 house. But that's because of the area we have a SFR in. If that same SFR was across the highway we would have about $500-$1500 higher taxes, due to the neighborhood.

@Chris Rosenberg It seems almost impossible that our non-owner occupant taxes are that high, but it's true. There are some tricks and ways to reduce that burden though. Also to answer your question, they reassess at the point of sale. So if you buy it for 150k the taxes will then be assessed at that new number. If you rehab you should be fine. So buy it for 100k, rehab it and they assessment will still be 100k even though you added value and it's now worth $190k. Small multi family that you can add value to is the sweet spot in my opinion, but extremely difficult to find. With SFR you will have more opportunities. Happy to discuss further if you want to shoot me a dm.