At a luncheon MLS meeting 7-31, the Assessors office gave a presentation on the ‘new’ taxes & caps to be enforced for 2007. Mr. Edward Huges - of the Beaufort County Assessor’s office gave an informative talk to MLS Realtors at their monthly luncheon at the Golden Coral. He covered: 1) They have 125,000 property records/accounts. In October the notices for 2007 taxes will be sent out. 2) There is an appeal process for ‘aggrieved’ or those who want changes. You can go to the Bft Board of Tax appeals & then there are 3 courts. At the last reassessment there were 14,000 appeals! It used to be Jan-March, but now there is no time-frame for appeal 3) The reassessment for 2008 has been postponed till 2009 - but the market value used will be as of 12/31/07. This delay is because they are reorganizing the office and putting in new software. They expect to have the live system in by the end of this calendar year. It will be more effective and more efficient. 4) New tax caps were established after a 6/4 vote on the last ballot - to take effect June this year. The new ‘market value’ will be figured as follows: a) as of the base year, b) any adjustments or additions to a property or c) any transfer of interest in a property. If there have been no changes or transfers, then a property market value is capped at 15% - so the value will not exceed a 15% increase for the next 5 years. New additions will mean corrections to your market value (& we already just received our notice for a 20' extension we added in 4/06 to one of our rental homes). 5) The state-wide sales tax went up to 6% (a 1% increase) which is expected to get $1 Million in tax of which 100% will go to the school operating budget. That 1% will replace the school operations portion of the tax bill for owner-occupied homes ONLY (24% primary homes). The School Operations portion of the tax bill is the majority of one’s bill in county taxes. The $50,000 homestead exemption will also remain intact for primary homes. 6) At a sale or transfer of interest, the new value will be the sold price... except transfers from husbands & wife or a transfer-in-estate where you keep some interest in the property. 7) You will no longer be able to smooth out inequities for a neighborhood since houses which sell will be reassessed at their SOLD price.
Design by IMC, Articles by HomesOnFrippIsland.com © Copyright 2006
Top of Page
|
