How much are the real estate taxes?
Short answer:
Because of homesteading type laws:
- Taxes on primary residences should be approximately ½% of your purchase price.¹
- Taxes on most other real estate should be approximately 1% of purchase price.¹
Long answer:
While you'll pay real estate taxes for the remainder of the calendar year based upon the amount the seller was taxed, all real estate tax rates reset upon sale. and the previous assessment becomes virtually irrelevant the following year.
Currently, when you purchase your Hilton Head real estate or Bluffton SC homes for sale, the county assessor can raise the assessed value of your home to the current sales price (point of sale assessment).
For primary residencies who apply for and are granted the reduced primary home rate, 0.5% of the home sales value is a very rough estimate¹ of your real property taxes in the year following purchase, depending upon the millage rate² in your specific locality.
For most other real estate, 1%+ of the home sales value is a very rough estimate¹ of your real property taxes in the year following purchase, again depending upon the millage rate² in your specific locality. Additionally, if you rent out the property, you will pay personal property tax based on the value of the contents & furnishings, and depreciation is allowed.
Find instructions on how to calculate how much your real estate taxes will be and additional information by clicking on the following links: (opens in new tab)
