ZZ13
Well-Known Member
So I am researching personal property tax in SC. My home there is assessed at a 6% rate (second home rate) to get the tax assessment. And then the total milleage rate is multiplied to that to get the annual tax. Looks like the milleage rate is arround .221 for Lady's Island in Beaufort County. When I move down there full time in a few months my home will drop to 4% assessment rate (primary residence rate).
So, I see the assessment rate for a boat is a hefty 10.5%. Do I assume the same total milleage rate is used for the boat as is used for the home? That is, are any of the milleage factors excluded for a boat (like school, firehouse, etc)? If its the same then it calculates out that a $100,000 boat will have a higher annual personal property tax than a $200,000 house. Yikes. Are my conclusions correct?
So, I see the assessment rate for a boat is a hefty 10.5%. Do I assume the same total milleage rate is used for the boat as is used for the home? That is, are any of the milleage factors excluded for a boat (like school, firehouse, etc)? If its the same then it calculates out that a $100,000 boat will have a higher annual personal property tax than a $200,000 house. Yikes. Are my conclusions correct?