South Carolina Homestead Exemption - save a bunch on home property tax if you qualify !

GKL

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We got our home property tax bill this past week, the total home property taxes we owe for the year...… just $2.70 :shock:

Last year it was around $400.00 and the difference this year is because I turned 65 last December and qualified for the Homestead Exemption !

From the web site -

"The Homestead Exemption is a complete exemption of taxes on the first $50,000 in Fair Market Value of your Legal Residence for homeowners over age 65, totally and permanently disabled, or legally blind."

https://dor.sc.gov/lgs/homestead-exemption

If you live in South Carolina (or know someone who does) check out the above web site to see if you or them qualify and if so how to apply.

If you live in another state do a search to see if your state has a similar program !
 
Same here, and that was just the summer tax. Doesn’t seem like a lot, as state and local govs still going broke! Roads/bridges crumbling, new schools, old pensions...well, somebody’s gonna pay!

I understand taxes are needed for stuff like roads, ect., but since we didn't qualify for the exemption until I turned 65 they got the benefit of us paying full taxes all those years before then, the exemption is a big help for those 65 and over who are on Social Security and can use the extra budget help such an exemption offers.
 
Here is a part of our recent home property tax bill showing the difference the homestead exemption benefit makes for us, it might not seem like a lot to those still working and making big bucks, but it is very much appreciated by those like me on Social Security :lol:

2018_home_property_tax2a.jpg
 
I understand taxes are needed for stuff like roads, ect., but since we didn't qualify for the exemption until I turned 65 they got the benefit of us paying full taxes all those years before then, the exemption is a big help for those 65 and over who are on Social Security and can use the extra budget help such an exemption offers.
I understand. I’m socking it away because there probably won’t be SS for me. In ten years, one million dollars will be the new $100k. Guess Ramon noodle will be a staple for many.
 
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I understand. I’m socking it away because there probably won’t be SS for me. Uncle Sham is $22 trillion in debt, not counting another 200 trillion in unfunded programs. In ten years, one million dollars will be the new $100k. Guess Ramon noodle will be a staple for many.

I hear ya ! My wife wanted me to start collecting Social Security at 62, even though the monthly amount would have been somewhat more if I waited, studies showed you collect more in the long run by starting sooner, now that I'm 65 the homestead exemption helps stretch budget even more, I might not be able to go out and buy the top of the line detectors, but I cant complain as we do pretty good with having our home paid off and no mortgage payment which really helps.

"Ramon noodles" ? …..I think I'd be planting a lot of veggies instead :lol:

I would love it if Oregon had that program. We sent the check off for our property taxes yesterday. $4600.00:(

Ouch !!!!! :shock: That had to hurt ! Sounds like Oregon is like California as far as being an expensive place to live, maybe you can vote someone into office who would push for an Oregon homestead exemption.
 
I would love it if Oregon had that program. We sent the check off for our property taxes yesterday. $4600.00:(

Ya, Todd mine was about the same...

We may not have any sales tax but property tax percentage is on par with California.. although there I used to pay $8,600 a year, although I have more property here.. it just isn't worth as much as it did there.

However we do have a pretty steep income tax.. in Cali I paid I think 6+%
and here it is 9%.. but.. no Sales Tax so at least that's a bonus...
 
Ya, Todd mine was about the same...

We may not have any sales tax but property tax percentage is on par with California.. although there I used to pay $8,600 a year, although I have more property here.. it just isn't worth as much as it did there.

However we do have a pretty steep income tax.. in Cali I paid I think 6+%
and here it is 9%.. but.. no Sales Tax so at least that's a bonus...

So true. They keep trying for that sales tax in one way shape or form. We're
like you GKL the house is paid off, we set money aside each month towards the taxes.
 
So true. They keep trying for that sales tax in one way shape or form. We're
like you GKL the house is paid off, we set money aside each month towards the taxes.

Not having a mortgage payment does make a big difference indeed !

Thank God we managed to get a fantastic deal on a house and land when we moved here, (if you spot a property that is owned by a bank from a foreclosure you might want to keep an eye on how fast the price comes down over time)

We moved to South Carolina about 12 years ago, but started watching online for properties for sale for about a year before we moved. When we first saw the listing for the house we are in now it was about $78,000 and at that time the house was only about 5 years old, it is a manufactured home, but nicely made, 2100 sq ft, 4 bedrooms, 2 full baths, kitchen has an island, fireplace in the family room, living room, dining room, and it included 1 1/2 acres of land right next to a forest area, so it's very quiet and peaceful, (the deer don't make much noise :lol:)

Anyhow, we watched the price keep dropping over the course of a year, likely because it costs a bank money to hold onto it too long, so after about a year the price got down to around $40,000 so we offered $30,000 and they met us halfway at about $35,000 ! :shock:

The neat thing is, thank God, we were able to sell our old house for just enough to not only pay off what we owed on it but we still had just barely enough left over to buy our house outright so we never had a mortgage payment on the house we are in now, we moved into a house that was completely paid for !

So watch for houses owned by banks, they seem to be willing to let them go cheaper rather than hold onto them for too long, at least that's how it worked in our instance.
 
I'm happy for you!! If I had a tax bill like that, I'd be thrilled. Mine is a little over $8100 a year. I shake my head in wonder at a tax bill that's less than $900 to start with, and ends up being 3 bucks! WOW!!

Happy Hunting!

D.T.

New Hampshire State Slogan: Live Free or Die
South Carolina State Slogan: Dum Spiro Spero (While I Breathe, I Hope)
New Jersey State Slogan: Lane Closed Ahead
 
I'm happy for you!! If I had a tax bill like that, I'd be thrilled. Mine is a little over $8100 a year. I shake my head in wonder at a tax bill that's less than $900 to start with, and ends up being 3 bucks! WOW!!

Happy Hunting!

D.T.

New Hampshire State Slogan: Live Free or Die
South Carolina State Slogan: Dum Spiro Spero (While I Breathe, I Hope)
New Jersey State Slogan: Lane Closed Ahead

Thanks, I wish more states had such a program to help those 65 and over, it especially helps those who are retired on Social Security.
 
Anyhow, we watched the price keep dropping over the course of a year, likely because it costs a bank money to hold onto it too long, so after about a year the price got down to around $40,000 so we offered $30,000 and they met us halfway at about $35,000 ! :shock:

Your hard pressed to find a newer truck for that:lol: The wife and I have a few more years before retirement. We've pretty much decided where we want to retire to so we're watching the market in that area.
 
Your hard pressed to find a newer truck for that:lol:

The wife and I have a few more years before retirement. We've pretty much decided where we want to retire to so we're watching the market in that area.

….but much bigger than a newer truck :lol:

Keep a watch out for homes owned by a bank, watch to see if the asking price goes down some every so often, and always make an offer lower than what they are asking, if they are desperate enough to get it off their hands (they have to pay the taxes every year they own it) they might at least meet you halfway like they did for us.
 
Good advice about watching foreclosures.

Buddy of mine made an offer of $40k on a run-down farmhouse on 5 acres. Bank was asking $60K. They shot him down. My wife was the one who processed the loan and the bank sold it later to someone else (not my buddy) for $14k!
 
Good advice about watching foreclosures.

Buddy of mine made an offer of $40k on a run-down farmhouse on 5 acres. Bank was asking $60K. They shot him down. My wife was the one who processed the loan and the bank sold it later to someone else (not my buddy) for $14k!

Thanks !

Wow ! :shock: the bank sold it later to someone else for $14K after earlier turning down a $40K offer, that just shows that after so much time holding on to a property a bank can get desperate to unload it.

I know the bank does not like to keep paying property taxes on a property, but here is an additional possibility that I just thought of...….

I'm not sure on the criteria a bank has to meet for them to be able to write off a loss taken on selling a property at a loss, but maybe they have to have the property for so long before they are allowed to write it off at a loss, I could be wrong, I don't really know, but it could explain why they would take such a lower price of $14K later on after a longer period of time.

Maybe after a period of time being able to write it off at a loss they might have actually made out better than if they sold it sooner for the $40K, again, I don't know, I'm just guessing here.
 
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