Property Tax Increase - Point of Sale

Last week, I discussed some points of the new South Carolina Property Tax Reform in one of my posts. The South Carolina REALTORS Association created a short Point of Sale brochure to outline the changes, list what steps to take if you think you are paying too much for your property taxes and a worksheet to estimate your property taxes.

Take some time to review the brochure and estimate your property taxes based on the new formulas. If you have any questions about the new changes to the SC property taxes, call me at (843) 267-2710 or email me at Kathy@KathyRukat.com.

Listing Update

The price on my listing at 6804 North Ocean Blvd., Unit 1107, Myrtle Beach has been reduced from $149,900 to $129,900.

This listing is a one bedroom, one bathroom condo at the Monterey Bay Resort, located in the "Golden Mile" section of Myrtle Beach. This resort is tucked into an upscale residential section on the north end of Myrtle Beach. The beaches are less crowded, yet you are close to shopping, entertainment and all the conveniences of central Myrtle Beach.

The Monterey Bay Resort was renovated a few years ago with upscale touches. Upgrades to the rooms include stainless steel kitchen appliances, granite, tile flooring, custom carpeting, custom bedding and new furniture.

If you are interested in previewing this condo, please call me at (843) 267-2710 or email me at Kathy@KathyRukat.com. You can also view the Visual Tour of this property.

2007 Sun Fun Festival Memories

The weather is getting warm, and I thought now would be a great time to reminisce about the 2007 Sun Fun Festival. Myrtle Beach has competed to build the tallest sandcastle during the last few Sun Fun Festivals.

Myrtle Beach won in 2006, but our title was lost later in the summer. We came back in 2007 fully prepared to regain our title. Even with Tropical Storm Barry bringing bad weather to the Myrtle Beach area, crews worked to build "The World's Tallest Sandcastle" and won! The official measurement was 49.55 feet. Because of the rainy weather, I did not see the sandcastle being built, but I was able to get some great pictures later in the week.

The 2008 Sun Fun Festival is scheduled for June 5th-9th. Another fun, family-friendly event in Myrtle Beach, the Beach, Boogie and BBQ is scheduled for Labor Day weekend, August 29-30, 2008.

SC Property Tax Reform

In 2006, the South Carolina legislature passed property tax reform. The new law was enacted in January 2007, but most counties did not change their property tax evaluations until June or July of 2007. Horry County changed their property tax evaluations at that time. Many of you saw the changes when you received your tax bill in October of 2007. You might be curious about what changed and how the changes effect you.

Owner occupied properties saw the biggest tax decrease because the school operating taxes were eliminated for owner occupied properties.

The other biggest change was how properties are assessed. Previously, South Carolina assessed property values every 5 years. Then, the county used their millage rate and tax rate to calculate your property taxes. Now, the point of sale becomes the new assessed value. Your property taxes will be based on the sale price of the property.

The new law capped the increases in assessed value to 15% over a 5-year period. Also, the law enacted spending and millage caps on local governments.

Investors and second home owners did see an increase in their property taxes after the new changes took place. Many investors, vacation home owners and businesses have decided to not invest in South Carolina based on the increased property tax. South Carolina REALTORS are active in getting changes to this law passed. A Bill will be presented to a House Sub-Committee this week. Watch this Blog for updates on the property tax reform in South Carolina.

Breaking News from Certifax Appraisals

MYRTLE BEACH, SC – Appraisers see improving market conditions. Recent appraisal orders (in the last month) reflect fewer days on market and narrowing gap between list and sales prices:

-Castlewood single family under contract, 33 days on market at 94% of list price ($150K-$200K range)

-Ocean Creek Tower North condo under contract, 57 days on market at 98% of list price ($400K-$450K range)

-A Place at the Beach condo, Shore Drive, under contract, 26 days on market at 99.9% of list price ($150K-$200K range)

-Briarcliffe Acres vacant residential lot under contract, 34 days on market at 94% of list price ($350K - $400K range)

-Wisteria Woods single family under contract, 36 days on market at 98% of list price ($100K to $150K range)

-The Island condo under contract, 34 days on market at 94% of list price ($300Kto $350K range)

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Good news is out there - focus on local news media to get the most up-to-date and correct information about your local real estate market. Now is a wonderful time to buy in Myrtle Beach. Recently, I was featured on our local news channel. I talked about the opportunities to purchase property at a good price. When I receive the audio story, I will be adding it to this Blog. In the meantime, please contact me if you have any questions about what is happening in our local real estate market. I can be reached at (843) 267-2710 or Kathy@KathyRukat.com.

Hard Rock Theme Park Grand Opening Band Announced

The Hard Rock Park is taking shape off Highway 501 in Myrtle Beach, and the Led Zeppelin roller coaster can be seen from Bypass 17. As the opening date approaches, the grand opening band has been announced. Rock-n-roll fans will be excited to hear that The Eagles will be the opening act!!

The Park opens to the public on May 9th. The grand opening extravaganza will last two day beginning on June 2nd with The Eagles concert and will continue on June 3rd with a concert by the Moody Blues. A celebrity golf tournament will be held as well.

Decorate on a Dime

Making your home or condo look like a showcase does not have to cost a lot of money. By doing things yourself and with some creativity, you can decorate on a dime.

Get your home in "tip top" shape now before the weather turns warm, and you start spending more and more time outdoors! Plus, if you plan on selling your home in the Spring or Summer, you home will be in showing shape.

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