Archive for Property Taxes

Oct
19

It’s Property Tax Bill Time……

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tax appeal approved thinIf you own or manage property in South Carolina, you will be receiving your property tax bills shortly, if you haven’t already. As you know, taxes are calculated by multiplying the taxable value by the assessment ratio (4% for owner occupied residential and 6% for most others) then multiplied by the millage rate. The only part of the equation that can be appealed is the taxable value. Be sure to review this value closely, and determine if it is reasonable.  If you aren’t sure that the taxable value of  your commercial property is reasonable, email me and I will gladly review it. As a licensed real estate  appraiser, I represent commercial property owners in the real property tax appeal process regularly.

Michael Dodds, MAI, CCIM    mdodds@irr.com

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Sep
27

Report Shows Industrial Property Taxes in Columbia Very High

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The following is from the 50-State Property Tax Comparison Study, published by the Lincoln Institute of Land Policy and Minnesota Center for Fiscal Excellence.

The chart below shows effective property tax rates for industrial properties with $1 million worth of real property for the largest city in each state. This analysis looks specifically at taxes on manufacturing properties. We assume that each property has an additional $1 million of personal property, consisting of $500,000 of machinery and equipment, $400,000 of inventories, and $100,000 of fixtures. Differences in personal property taxation have significant impacts on effective tax rates for industrial properties, as described in the box on the next page. Readers should use some caution when interpreting these results; see the box on comparing property taxes calculated with fixed property values for guidance

The average effective tax rate on industrial properties for the 53 cities in Figure 4 is 1.548 percent. A parcel with a real property value of $1 million that has an additional $1 million in personal property would thus owe $30,960 in property taxes (1.548% x $2m total parcel value). For shorthand, this section refers to parcels based on their real property values.

Tax rates vary widely across the 53 cities. The top five cities of Columbia (SC), Detroit, Jackson (MS), Memphis, and Houston all have effective tax rates that are at least 60% higher than the average for these cities. The bottom seven cities of Virginia Beach, Honolulu, Fargo, Cheyenne, Wilmington (DE), Seattle, and Louisville all have tax rates that are less than half of the average.

industrial taxes

Categories : Columbia
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Jun
28

Disney Sues over Property Assessments

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Lawsuit moneyWalt Disney Parks and Resorts are suing over their property tax assessments from 2016, calling them “excessive.”

Disney filed nearly a dozen lawsuits at the end of last month in Orange Circuit Court, arguing the assessments by Orange County Appraiser Rick Singh exceeded their properties’ fair market value and incorrectly “included the value of certain intangible property in the assessments.”

“The increases in the assessments of our property are unreasonable and unjustified,” a Disney spokesperson said in a statement. “Similar to other property owners in Orange County, we have no choice but to take action to dispute these errors by the property appraiser. We look forward to presenting our case in court.”

It’s not the first time the theme parks have sought to reduce their land values. In October, SeaWorld, Universal Orlando and Disney sued Singh, arguing their properties’ taxes were too high.

READ MORE HERE

Categories : National News
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Feb
27

How Much is Asheville’s Biltmore House Worth?

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biltmoreEven the rich and powerful George Vanderbilts of the world have to pay property taxes, but when their property is a national treasure like Biltmore House, figuring out how much it’s worth is complicated.

Buncombe County appraisers were tasked with putting a price tag on America’s largest private residence with its 250 rooms and approximately 135,000 square feet built in 1895 and styled after a French Renaissance chateau. The numbers released this week put the house’s value at about $37 million and the approximately 2,194 acres on which it sits at more than $64 million. Considering the hotels, restaurants, outbuildings and private residences, the total value of the public areas of Biltmore Estate is nearly $300 million, according to the tax department.

Biltmore Company and its related groups hold about 8,000 acres of property, but it’s divided up into multiple properties, some of which are not held by the Biltmore Company. George Vanderbilt’s heirs divided the assets into multiple companies, including the Biltmore Company and Biltmore Farms, in 1979. The largest portion of the estate, west of the French Broad River, is held by West Range LLC and valued at about $78 million, which is not included in the $300 million. Most of that property is not open to the public on a regular basis.

READ MORE HERE

Categories : Asheville
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Jan
05

Can You Rent Your House Out and Claim Homestead Exemption?

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taxesShould local homeowners lose their homestead exemption — a property tax break given to seniors and residents with disabilities — if they rent out their homes for a significant portion of the year?

Beaufort County officials have argued yes.

But state courts have said the county is wrong.

A court battle has dragged on for years after the county assessor’s office stripped Hilton Head Island homeowner Frank Mead of his homestead exemption in 2011.

 

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Mar
01

Aiken County Property Owners Brace for Reassessment Notices

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taxes4With 2016 being a property tax reassessment year, Aiken County Tax Assessor Rick Jantzen hopes to be able to make the assessment process as simple as possible for residents.

“Tax reassessments are a very impassioned exercise,” Jantzen said. “By the time the property owner contacts us, in the event of an appeal, he is pretty upset about what he’s received as his bill.”

A reassessment is the process of redetermining the value of a parcel of real estate for property tax purposes, Jantzen said.

This year will be Aiken County’s seventh reassessment since its first in 1982. Property tax reassessments have occurred every five years since 1995 when the tax statutes changed. A property’s tax value is limited to a 15 percent increase over the last reassessment, which occurred in 2011.

Since that time, according to Jantzen, the median sales price of single family residence is up 10.8 percent in Aiken County. And since 2010, the median sales price of all Aiken County property sales has increased 4.1 percent, from $120,000 to $124,900.

READ MORE HERE

Categories : Aiken
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Jan
22

CRE Tax Exemption for Property Purchased During 2014

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elliott davis decosimo logoFrom our friends at Elliott Davis Decosimo:

Application Deadline January 30, 2015

Legislation in South Carolina enacted in 2011, which became effective January 1, 2012, created an exemption from property taxes applicable to certain transfers of commercial real estate. The exemption is not available for all properties and is determined by an evaluation of a number of factors. Generally, if the property qualifies, it could be assessed at a 25% discounted value as of December 31 of the year of the transfer.

The purchaser of the property must apply for the exemption.The application process is relatively straightforward, as the statute only requires the purchaser to notify the county tax assessor that it intends to claim the exemption. The applicant is not required to make any calculations to determine if the property qualifies before applying; all calculations will be performed by the assessor. Various counties have established their own guidelines for the form of the notification.

If you have any specific questions or need assistance evaluating your eligibility to secure a reduction in your assessed value of commercial real estate, please contact your tax advisor at your earliest convenience.

Categories : South Carolina News
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Dec
17

Low Number of Tax Appeals Received in Orangeburg County

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tax appealAbout 1,450 property assessment appeals have been submitted out of 65,000 taxable pieces of property countywide, Orangeburg County Assessor Jim McLean reported to county council on Monday. McLean said a 2 percent appeal rate is considered a low rate during a reassessment year.

Those who appealed their assessments will receive a corrected bill within a few weeks. If someone overpays their taxes, a refund will be made. The deadline to pay taxes remains Jan. 15.

The appeal period ends Dec. 29. Those who want to appeal are asked to submit a tax map number, reasons why the appeal is being made, the taxpayer’s assessment of the property’s value and a signature.  If you need assistance in appealing commercial property taxable values, please email dale.stigamier@IntegrityREA.com.

Categories : Orangeburg
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Oct
07

How Much Have Orangeburg County Tax Values Gone Up?

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The Orangeburg County Assessor’s Office began mailing 2014 assessment notices the property owners on Sept. 30.

An assessment notice is being mailed to the primary owner of record, as of Dec. 31, 2013, on each of the approximately 65,000 parcels in the county.

Reassessment is the process of reappraising all taxable real estate within the county at its estimated value on Dec. 31 of the year prior to reassessment. Only real property is appraised during a reassessment.

State law mandates that each county appraise and equalize those properties under its jurisdiction every five years. Orangeburg County implemented reassessment programs in tax years 1998, 2003 and 2008. Orangeburg County Council delayed the 2013 program one year, which is allowed by state law.

READ MORE HERE

BLOG NOTE:

If you need assistance appealing the Orangeburg County tax value of a commercial property, call Dale Stigamier, CCIM at Integrity Real Estate Advisors. He has a wealth of experience working in Orangeburg County. He can be reached at (803) 772-9100 or  dale.stigamier@IntegrityREA.com.

Michael Dodds, MAI, CCIM 

 

 

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May
13

Richland County Reassessment Appeal Deadline Approaching

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Owners of properties in Richland County have until May 23rd to appeal their new 2014 taxable value. Property owners cannot simply complain that their property tax is too high; they must present evidence that the assessor’s value is incorrect, and support their opinion of market value. Such evidence can come from, for example, a recent appraisal, sale of the property, lease agreement and photographic evidence of the property’s condition. Merely pointing to your neighbor’s property for sale down the street is not adequate.

For most, finding the data to support the appeal is the difficult part. Integrity Real Estate Advisors is a professional firm that can assist you with your commercial property appeal, whether you just need the data, or want someone to handle the entire process. Contact Dale Stigamier, CCIM at (803) 772-9100 for more information.

Categories : Columbia
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Jan
10

Property Tax Appeal Deadline is Approaching

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The deadline, January 15th, to file a property tax appeal in South Carolina for 2013 is approaching quickly. Please let us know if there is anything we can do to assist you in the review of your commercial property taxes. Whether you need someone to handle the entire process, or just assist with comparable sales, we can help. Email me at mdodds@irr.com

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Nov
04

Spartanburg Tax Bills to be Mailed This Week

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Spartanburg County tax notices will begin arriving in mailboxes as early as this week. This was a reassessment year in Spartanburg County, meaning property values were adjusted as required by state law every five years. According to this article there have been fewer protests of reassessed values than expected. If you need assistance with a commercial or high-end residential appeal, please call Dale Stigamier at Integrity Real Estate Advisors. The deadline for filing an appeal in Spartanburg County is December 13th.

 

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Sep
25

Property Tax Dispute Heads to S.C. Supreme Court

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This case will be interesting to watch. Many just assume that the assessor’s offices will automatically adjust the assessed value of your property to the sales price after you buy it. While this is true in many cases, the question of whether it was a “distressed sale” will often come into play. We have successfully handled property tax appeals on properties where we had to prove that the sale was an arm’s length, non-duress, transaction. Please let me know if we can assist with appealing your assessed value.

Michael Dodds, MAI, CCIM

Categories : South Carolina News
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Sep
17

Beaufort County Reassessment Notices Mailed

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Reassessment notices for the 2013 tax year were mailed last week by the Beaufort County Assessor’s Office. These will include properties in Hilton Head Island, Bluffton, Daufuskie Island, Beaufort and all unincorporated areas of Beaufort County.

Appeals must be signed and either mailed or dropped off at any of the assessor’s three office’s in Beaufort, Bluffton, Hilton Head Island by Dec. 11. If the appeal isn’t received by the deadline, it will result in a waiver of the owner’s right of appeal for the current 2013 tax year.

My firm has successfully represented property owners in their property tax appeals, and we would gladly review your property reassessment situation at no charge. E-mail me at mdodds@irr.com if we can help. It will be interesting to see how much the assessor’s office feels that property values have rebounded.

Michael Dodds, MAI, CCIM

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Sep
05

Watch for Property Reassessment Notices

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As Beaufort County prepares to send out reassessment notices to property owners this month, it is still contending with a backlog of tax-valuation appeals.

The Tax Equalization Board was expanded this spring — from seven members to 15 — to hear more appeals, but it has not heard a case in months. Over the summer, the board reorganized and trained its new members. It is now looking to send out hearing notices to property owners in September.

That means the board could start hearings in October, but not before more appeals are filed with the assessor after a countywide reassessment.

The backlog of cases choking the appeals system reached nearly 200 earlier this year, though the Assessor’s Office has since been able to chop the backlog to between 140 and 160 cases, according to county assessor Ed Hughes.

READ MORE HERE

BLOG NOTE:

If you receive your reassessment notice and believe that the value is too high, be sure to explore the appeal process in Beaufort County. If you need assistance with an appeal on commercial property, or a high-end residential property, please let me know. You can also contact Dale Stigamier at Integrity Real Estate Advisors for assistance.  You can reach Dale at (803) 772-9100.

Michael Dodds, MAI, CCIM

 

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