Quote:
Originally Posted by Stuart Zaikov
We purchased our home in Sumter in Feb 2020 and when we visited the tax assessors office this is what we were told.
Our home which was 10 years old was assessed when built and the assessment will not change until you sell your home.
Our taxes were based on selling price and will not change as long as we stay in our home.
Very surprised but figure the clerk should know what she was talking about..
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Selling price definitely affects your taxes. However, the taxes/assessments do change over time even if the home is not sold again. To prove this, go to the website, select any random property and click on tax history. You’ll see several years of tax bills.
It’s to your advantage to get the lowest possible purchase price. If improvements are built into a higher price (worse yet, a turnkey) you’ll effectively be paying taxes on the add-ons as long as you own the property. This effect is exacerbated if one takes a mortgage; that is, you’re paying interest on furniture, etc.
Better to make improvements yourself than to have those already made improvements included in a higher purchase price which equates to higher taxes.