One of the most important considerations when thinking of relocating is the cost of living. After living in the Northeast, I have found this coastal Carolina area to be the singular least expensive area for overall cost of living anywhere in our great land within 10 minutes to a beach. The question of property taxes and overall cost of living comes up often, let me outline below:
In 2007 the State of SC moved away from variable year assessment of property to a point of sale and resident status calculation. It it a very simple straightforward formula.
As a resident, which is a SC drivers License, the calculation on a $200,000 home is $200,000 X 4% X .08 = $640 per year
As a non resident, second home for example, the calclation on the same $200,000 home is $200,000 X 6% X .2 = $2400 per year
SC offers a Homestead Rebate for residents over the age of 65, $50,000 comes off the above calculation to factor property taxes.
As natural gas is available in most of the new communities in the last 3 years, most homes are electric where the avg monthly cost may be approx $125-$150 and water may be approx $40-$60.
All of the homes are heated via a heat pump (AC unit in reverse) which is the most efficient way of heating
While the vast majority of communities have Homeowner Associations (HOA) and monthly fees that range $60-$105, they include common area maintenance, use of community amenities, trash removal and some include basic cable TV. While Condo HOA fees may range $225-$300 they include all of the above and homeowners insurance.