Tax formula for SC taxes on purchase

Multi-Family and Apartment Investing
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Tax formula for SC taxes on purchase

Hassan O.
Investor · San Diego, CA · Member since 2017 · 75 posts · 30 votes

Hi. I’m looking at a commercial multifamily opportunity in Columbia, South Carolina and need to calculate the taxes due on purchase. Does anyone have the formula for Richmond county on acquisitions? 

I don’t know if there are any value thresholds so let’s say $11M purchase. Are there any special stipulations based on purchase price or size?

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  • Will GastonPro Member
    Rental Property Investor · Columbia, SC · Member since 2010 · 1k+ posts · 2k+ votes
    4y

    @Hassan O. here's the link below. You may be able to get a 75% ATI reduction but that will depend on the current assessment. There are no value thresholds that I am aware of. My "guess" is they'd be 250k-320k per year depending on the ATI situation.

    https://www6.richlandcountysc.gov/AssessorSearch/(S(dln23pqkbwkacgcyvmctqcyk))/userinput.aspx

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  • Hassan O.
    OP
    Investor · San Diego, CA · Member since 2017 · 75 posts · 30 votes
    4y

    Thanks. That’s an eye opener 😌. How does the ATI reduction work?

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  • Hassan O.
    OP
    Investor · San Diego, CA · Member since 2017 · 75 posts · 30 votes
    4y
    Quote from @Will Gaston:

    @Hassan O. here's the link below. You may be able to get a 75% ATI reduction but that will depend on the current assessment. There are no value thresholds that I am aware of. My "guess" is they'd be 250k-320k per year depending on the ATI situation.

    https://www6.richlandcountysc.gov/AssessorSearch/(S(dln23pqkbwkacgcyvmctqcyk))/userinput.aspx

    Actually I’m looking for a formula or rate that I can plug into my underwriting spreadsheet. Do you have anything useful?
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