How do i figure out property tax

how do i figure out property tax

Ok Psy, I am clueless about how to do this. How would I multiply that if my home value is 200K?

What you do is this for York County:

If your home value is $200K

In South Carolina if the home is your primary residence you need to times your home value by 4%.

So you would take $200K x 4% and get a value of: $8,000.00

You then take the $8,000 and times it by the millage rate (I'll use Fort Mill City for this example) 240.2 per thousand of value (so the figure is .2402) and you get $1,921.60 as your property tax that you would pay.

It sounds like in North Carolina; what they do is take the home's assessed value in this case $200,000 and then divide it by 100 which will give you a figure of 2,000. You then take that number and times it by the millage rate and since

I don't know where in Gaston County; I'll use the Gastonia which has a county and city rate of 1.4 and that gives you a number of: $2,800 (2,000 * 1.4) and that should be your property tax rate if you lived in the City of Gastonia.

Now there might be some exceptions in both cases that could lower your tax rate; but the above should give you a rough idea on what the property tax bill would be in both cases.

Here is the fun part; if the home in SC is your second home; expect that property tax figure to more then double. Since it then uses a 6% figure to get the assessed value and it also adds back in the school operation funding. My wife's townhome (which we rent out) is almost 1/2 the value of our current home; yet the property tax on the townhome is 220% more than we pay for our current home.


Category: Taxes

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