Can Unpaid Property Taxes Cost You Your Home in SC? | Matt Abee

Yeah, thanks for having me.

It's an interesting area, and one that there's a lot of misconceptions about, and so I'd love to chat through it from a homeowner's perspective and an investor's perspective as to what you can look forward to in the space.

Perfect.

Well, one of the things we always like to do here is we like to make sure that people always think about the bigger picture, about legacy.

That's one of the things that defines our show, which is we're setting people up for generations to come.

That's one thing that we really, really delve into and have as our mantra.

So for those folks, what is the one thing that every homeowner should understand about protecting their property rights and preserving the wealth they've worked so hard to build?

Yeah.

One thing that you need to focus on is those property taxes are a pesky thing and can cause you to lose your property.

But you gotta think about there's a ton of benefit that you get from the property taxes.

The roads that you drive on, the fire department that shows up to your house if it's on fire, and the local schools that your kids go to, a lot of those are funded by property tax.

And so I don't know a single person who just thinks to themselves, "I'd love to pay more in taxes." It really isn't something on top of mind, but it does a lot of good.

Now, the trade-off for all that good is if you don't pay your property taxes, though, your legacy could be impacted because you could lose the family homestead.

You could lose the house that's been in your family for generations or your new house that you just bought.

And so it's something that you can't ignore, is your property tax obligations that you gotta pay each year in South Carolina.

So, you know, you touched on something there.

So in my mind's eye when you said the services you get, and in my head I'm like, "Oh, well you say they just, that don't just happen." Like the fire department, police department, EMS and all those other things, schools and all those things don't just miraculously happen.

So they're based and laid upon the building blocks, if you will, on taxes.

So that's interesting.

So if you could kind of get us into, Matt, how does, like, the process work and this one-year redemption period as well.

Let's talk about that.

Yeah, absolutely.

So your real property taxes are, in South Carolina they are ad valorem property taxes, meaning that you pay based on the value of your property.

So the county will come around every so often and assess the value of your property.

You've got the ability to challenge that assessment if you think they valued it too high or, and are causing you to pay too much in taxes.

Yeah, thanks for having me.

It's an interesting area, and one that there's a lot of misconceptions about, and so I'd love to chat through it from a homeowner's perspective and an investor's perspective as to what you can look forward to in the space.

Perfect.

Well, one of the things we always like to do here is we like to make sure that people always think about the bigger picture, about legacy.

That's one of the things that defines our show, which is we're setting people up for generations to come.

That's one thing that we really, really delve into and have as our mantra.

So for those folks, what is the one thing that every homeowner should understand about protecting their property rights and preserving the wealth they've worked so hard to build?

Yeah.

One thing that you need to focus on is those property taxes are a pesky thing and can cause you to lose your property.

But you gotta think about there's a ton of benefit that you get from the property taxes.

The roads that you drive on, the fire department that shows up to your house if it's on fire, and the local schools that your kids go to, a lot of those are funded by property tax.

And so I don't know a single person who just thinks to themselves, "I'd love to pay more in taxes." It really isn't something on top of mind, but it does a lot of good.

Now, the trade-off for all that good is if you don't pay your property taxes, though, your legacy could be impacted because you could lose the family homestead.

You could lose the house that's been in your family for generations or your new house that you just bought.

And so it's something that you can't ignore, is your property tax obligations that you gotta pay each year in South Carolina.

So, you know, you touched on something there.

So in my mind's eye when you said the services you get, and in my head I'm like, "Oh, well you say they just, that don't just happen." Like the fire department, police department, EMS and all those other things, schools and all those things don't just miraculously happen.

So they're based and laid upon the building blocks, if you will, on taxes.

So that's interesting.

So if you could kind of get us into, Matt, how does, like, the process work and this one-year redemption period as well.

Let's talk about that.

Yeah, absolutely.

So your real property taxes are, in South Carolina they are ad valorem property taxes, meaning that you pay based on the value of your property.

So the county will come around every so often and assess the value of your property.

You've got the ability to challenge that assessment if you think they valued it too high or, and are causing you to pay too much in taxes.