Have you applied for your 25% tax break?
There is good news for property owners who bought properties in 2016. According to South Carolina Act 388, amended in 2011, if you bought a property last year you could potentially have your taxes reduced 25% from your new acquisition basis. The deadline is January 31st, 2017 and you need to meet certain criteria:
• The property must be a commercial or non-owner occupied property.
• You must have purchased it in 2016.
• Property must be assessed at 6% or higher currently.
If you bought a property in 2016 and the sales price increased your taxable value, you could be eligible for this reduction. The only drawback is the 25% reduction cannot lower the taxable value below the previously recorded tax basis. Newmark Grubb Wilson Kibler is ready to assist anyone with questions about this Statute or would appreciate assistance applying for the tax break.
About Wilson Kibler
Newmark Grubb Wilson Kibler is a full-service commercial real estate company with offices in Columbia, Charleston, Greenville, and Myrtle Beach, South Carolina. Our firm provides a broad range of commercial real estate services throughout the state, including tenant and buyer representation, project leasing, acquisition and disposition, property management, development and consultation. Each of these services is staffed by highly regarded professionals focused on providing value for our clients throughout all phases of our assignments. Our firm is an Accredited Management Organization and our professionals hold prestigious designations including CCIM, CPM and SIOR.
For further information visit www.wilsonkibler.com.