After buying a Murrells Inlet home it is important to make sure you are getting the full benefits afforded to home owners by way of making sure you have applied for 4% legal resident tax. As a general rule your closing attorney makes mention of this at the closing of your home purchase but many buyers fail to apply this benefit that can save hundreds of dollars off of yearly property taxes on your new Murrells Inlet home.
This 4% legal residents only applies for owner occupants and applications must be made at the county assessors office and is not automatic even if the previous owner was taxed at the 4% rate. I am amazed by the number of homeowners who do not apply for the 4% tax rate and end up overpaying property taxes year after year. For more information see Georgetown County Tax Assessor or Horry County Tax Assessor. Homeowners should also consult with the taxing authority if they feel do not agree with the current tax assessment.
South Carolina law also allows for a homestead exemption for homeowners that are 65 years old or disabled that will help to further lower property tax bills on owner occupied homes. This exemption for SC homeowners must be applied for and is not automatic and can exempt up to $50k of your homes value.
This information is not intended to be legal or accounting advise and is provided to help alert Murrells Inlet homeowners of potential property tax savings on owner occupied homes in Murrells Inlet. Copyright©2012 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.