Greenville News reports that South Carolina residents pay less real estate taxes than most of the United States. The report, which comes from WalletHub, ranks the state as paying the sixth lowest taxes in the country.
Vehicle taxes in South Carolina are much higher with the state ranking in the top five most expensive vehicle taxes in the nation.
South Carolina residents paid a mere $821 in property taxes annually last year, much lower than the national average of $2,197. Low property taxes have caused a boom in the state with many retirees flocking to Myrtle Beach and the surrounding areas. Many younger residents have also chosen to relocate to South Carolina because of their affordable real estate taxes and prices.
The real estate taxes are offset slightly by the state collecting vehicle tax. Residents in South Carolina pay $650.71 on average in vehicle taxes. The national average vehicle tax is $436 for states that collect vehicle taxes – just 27 states collect these taxes.
Greenville residents are charged a 4% tax on their vehicle’s assessed values.
Residents that also have secondary residences in the state will be charged an even higher rate of 6% of the vehicle’s assessed value. This means a $20,000 vehicle will have an $800 tax assessed to it at the 4% rate, and a $1,200 tax at the 6% rate.
North Carolina residents pay a similar tax, but the lack of toll roads also equates to savings. Tolls in larger Northeastern cities can be very expensive, and depending on a person’s commute, these tolls can be in the high hundred to even thousand-dollar ranges.
Lower property taxes have also led to many investors choosing to invest in South Carolina real estate.
These investors may not have the best interest of others in mind as is the case for Timber Hollow Apartments. Reports show the Greensboro building was built in 1968 and 1970, but the buildings are now in shambles.
Natalie Carter, a resident at the apartment complex, claims that her building was falling down around her. The building was in such disarray that it didn’t even have water. The ceiling was starting to cave in, the bathroom sink fell on to the woman’s dog and the shower started to cave in.
She claims that a pipe burst in her living room. The maintenance team that came out to repair the broken pipe left the woman’s entire wall open and have yet to repair it. City inspectors confirm that there is an issue with the building, including broken pipes, signs of water damage, caving ceilings and additional issues.
The owner of the building failed to show up to a hearing where 18 violations were issued.
Inspectors returned to the apartments in February to find that no power or water was available. The apartments were condemned as a result.
Low property taxes entice investors to purchase commercial property, but in the case of Timber Hollow, residents suggest that half or more of the residents are legally occupying units. Carl Withers is believed to be the owner of the apartment complex. Investors believe he is a crook that gets paid while passing all of the risks on to investors.