Investor · USA · Member since 2013 · 86 posts · 17 votes
Hi everyone! I am a rookie investor, with one tenant-occupied rental property in South Carolina. Anyone familiar with owning rental property in the state should know how high our property taxes are.
On top of this, the county assessor has my property valued at about $25,000 more than what it is really worth. Does anyone have experience with property tax assessed value appeals? What should I expect when I call the number provided by the county to dispute the value? Also, how do I go about finding sold comps in the area without MLS access? I'd like to be as prepared as is possible before I initiate this process. Any other tips or recommendations are absolutely welcomed.
Probably all areas vary, but I am on a board hearing these in my area.
One starting point may even be to make sure they have the right square footage and condition information. I have seen some discrepancies. And if they are using square feet in their formulas, it make a difference.
I would see if the assessor's roll or database is available online or publicly (our's is) and you may be able to get a comparative market analysis from a realtor. Of course, an appraisal would be your trump card, but these can be pricey (even more than taxes).
You might start by talking to the assessor about how they arrived at your valuation. I feel people may find more progress here than in the actual drawn out hearings sometimes... If you have a legitimate disagreement, there is likely a mechanism for that, too. But it could be they have the wrong info (don't know of problems or actual size) or you have less info (about a new high comps, etc)... So see if you can talk to an assessor about it.. Just for fact finding (and you probably, well always, get more flies with honey than vinegar, so be nice)...
@Jordan L. in South Carolina, each county has their own criteria for appealing property taxes. I recommend going to the county website and seeing if you can do it online. I appealed in Pickens County a few yrs ago and they lowered the tax assessed rate from 154k to 129k. You have to have documentation to prove that you are correct. In my case, I purchased the house as a foreclosure, so I simply attached a copy of the appraisal that was used when I purchased the house and that was sufficient. Good luck.