Quote:
Originally Posted by tophcfa
You are referring to the “screw the part time resident exemption”. The county is going to raise the money they need regardless, so guess who makes up the difference. All else being equal, why should the taxes on a homeowner be different depending on how much time they spend at the home? A reasonable argument could be made that part time residents should pay less taxes because they tend to use less county funded services!
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In South Carolina, they have an interesting Real Estate Tax system. I looked at a gorgeous home for sale on a lake, with 2 golf courses (before I bought in TV). The house was about $400K. Taxes on the home as a "non-resident" would have been about $6500 year. If I was an actual "resident" of the state, taxes would have been about $2500. It seems that Residents of a home do not pay for any part of the school budget (although they're the ones who are likely to have school age children). Only part-time residents and investors pay for the schools. Also, "owner occupied" homes at taxed at a valuation of 4% vs 6% for investor owned or 2nd homes.
(I'm fairly certain I have those facts mostly correct. When I heard about it, I stopped paying attention and focused on buying in another state.)
Apparently it's the only state that does this.