[jeffwarne]

Last time I checked, you could buy lots in Belfair and Colleton River for $1.00.

The catch being you have to pay club dues?

and property taxes, and HOA and...

Do you owe property taxes if the land value is $1?

[Mark Steffey]

Do you owe property taxes if the land value is $1?

one pays property taxes on the assessed value, no?

[jeffwarne]

Do you owe property taxes if the land value is $1?

one pays property taxes on the assessed value, no?

True, but if you paid $1, I'd say you could argue that the assessed value should be $1

[Mark Steffey]

True, but if you paid $1, I'd say you could argue that the assessed value should be $1

you could try, but you'd lose.

they could point to your neighbor and tell you what they assess his at - and you'd be hard pressed to argue yours shouldn't be set at the same value.
just because someone choose to sell you land at a price under 'market value' doesn't get you out of paying property taxes.

around here too, if you request an abatement the most you can expect is something like 5% down in your favor.

[Steve_ Shaffer]

@Mark

Not sure about that. Assume neighbor paid 200K for lot at height of market in '07 or '08. Now developer is selling same adjacent  lot for $1 albeit with conditions. I don't think a qualified appraiser will value the $1 lot at 200k in this soft market. May come in at 25K depending.

[jeffwarne]

True, but if you paid $1, I'd say you could argue that the assessed value should be $1

you could try, but you'd lose.

they could point to your neighbor and tell you what they assess his at - and you'd be hard pressed to argue yours shouldn't be set at the same value.
just because someone choose to sell you land at a price under 'market value' doesn't get you out of paying property taxes.

around here too, if you request an abatement the most you can expect is something like 5% down in your favor.

in practice you're right about the taxes,
but just because your neighbor hasn't sold, doesn't mean his lot is worth any more than $1, particulary if there are multiple lots selling for $1

[Mark Steffey]

@Mark

Not sure about that. Assume neighbor paid 200K for lot at height of market in '07 or '08. Now developer is selling same adjacent  lot for $1 albeit with conditions. I don't think a qualified appraiser will value the $1 lot at 200k in this soft market. May come in at 25K depending.

sure, the assessment adjusts.  however so do the mills that go toward figuring out the tax bill 

our property was assessed for almost half a couple years ago when the bills came around, but the mills doubled!  win some, lose some.  either way the county/city gets the same amount of money to pay the bills...

[John_Cullum]

Ad valorem real property taxes are based on fair market value

[Tim Martin]

@Mark

Not sure about that. Assume neighbor paid 200K for lot at height of market in '07 or '08. Now developer is selling same adjacent  lot for $1 albeit with conditions. I don't think a qualified appraiser will value the $1 lot at 200k in this soft market. May come in at 25K depending.

sure, the assessment adjusts.  however so do the mills that go toward figuring out the tax bill  

our property was assessed for almost half a couple years ago when the bills came around, but the mills doubled!  win some, lose some.  either way the county/city gets the same amount of money to pay the bills...

The floating mill rate is the government's version of a blank check going forward. Property revaluations are mandated by statute and the initial reaction that I will pay less because my assessment is less is tempered by the reality that the sale price will be less as well. Once the tax bill adjusts to reflect the higher mill rate because of course budgets do not go down you realize that you get whacked both ways.

[Mike Hendren]

I liked Wexford, but not the vibe.

Personally, I would consider the 30 minutes commute from/to Chechessee Creek Club to be the highest and best use of that time.  On first blush, my all time favorite club to visit.

Bogey

[Bill_McBride]

I liked Wexford, but not the vibe.

Personally, I would consider the 30 minutes commute from/to Chechessee Creek Club to be the highest and best use of that time.  On first blush, my all time favorite club to visit.

Bogey

In the top 5 for me too if the UK is counted.  I really enjoyed Chechessee. 

[Tags:]

Tags:

[Tags:]

Tags:

Call to undefined function theme_linktree()