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What if you rented it out during peak tourist season and lived there yourself only during the off-season; wouldn't it be much more peaceful then? That was my plan -- or one of them, anyway.
What if you rented it out during peak tourist season and lived there yourself only during the off-season; wouldn't it be much more peaceful then? That was my plan -- or one of them, anyway.
We would like to use our unit as snowbirds from January through March eventually when we retire, and yes, it does get much more peaceful during the off season because kids are in school and, at least at our resort, it is mostly filled with older couples and then often only partially full. Right now we have the same Canadian couple renting out our unit from December through February every year and they are wonderful to take care of it like they would their own home, we really got lucky when they found our place.
I would never, ever want to live in our unit during the peak season, in fact, we have never even been to MB during the summer months because we've heard enough to know that we don't want to be there then. Besides, the weather here is gorgeous during that time so that would be crazy anyway. But even when we've stayed in our unit in the spring and fall months I am sometimes amazed at how careless, selfish, and rude people can be. They act like because they are on vacation and paid money to stay there they can act any way that they want and do anything that they want. Things like cigarette butts ground into hallway carpet in a non-smoking building, tons of sand in the pools, hogging pool chairs that they aren't using to sit in to store all of their stuff when other people don't have a chair to sit in, yelling loudly from their balcony to their friends' balcony late at night...all reasons why I would not want to live there year round. It's definitely quieter in the dead of winter, though, you're right.
I started my own thread, but nobody seems to be responding....Thought this thread might have the investor type of people willing to help me out. Here is what I wrote:
We bought a condo last fall in Myrtle Beach. It's a 3BR which will be rented most of the year. We knew there was a "personal property tax" but it showed as about $300-500 per year on the listing so we didn't worry about it.
Now I get this form and they want me to detail EVERY stinking thing I own in the unit? Seriously? Things as mundane as blinds, lamps and wastebaskets? How the heck do I know what it's value is? How do I know what the owner put last year, I surely don't want to put more, but if I put much less will they come knocking? Would be nice if they told me the tax RATE so I could put enough down to come in around a few hundred owed in tax. And is it even legal to tax people year after year on the same items? I'm surprised it hasn't been challenged.
And what do I actually own and what does the resort "own". I know I have to replace furniture and appliances so I own them....We are using the on-site management company for rentals. We plan to go ourselves in shoulder season for a couple weeks, going longer in the winter when we get a little older.
by the way, I live in another state which taxes plenty, but at least they don't nickel and dime and ask how many of whatever I have in my home!
So, my question is.....HELP!
I started my own thread, but nobody seems to be responding....Thought this thread might have the investor type of people willing to help me out. Here is what I wrote:
We bought a condo last fall in Myrtle Beach. It's a 3BR which will be rented most of the year. We knew there was a "personal property tax" but it showed as about $300-500 per year on the listing so we didn't worry about it.
Now I get this form and they want me to detail EVERY stinking thing I own in the unit? Seriously? Things as mundane as blinds, lamps and wastebaskets? How the heck do I know what it's value is? How do I know what the owner put last year, I surely don't want to put more, but if I put much less will they come knocking? Would be nice if they told me the tax RATE so I could put enough down to come in around a few hundred owed in tax. And is it even legal to tax people year after year on the same items? I'm surprised it hasn't been challenged.
And what do I actually own and what does the resort "own". I know I have to replace furniture and appliances so I own them....We are using the on-site management company for rentals. We plan to go ourselves in shoulder season for a couple weeks, going longer in the winter when we get a little older.
by the way, I live in another state which taxes plenty, but at least they don't nickel and dime and ask how many of whatever I have in my home!
So, my question is.....HELP!
I think you just talked me into looking for a SFH near the beach and using a private property manager. Thanks!
If you are renting out your condo, it is considered a business in SC. And businesses are taxed on assets, and furniture, etc. are assets. This is from the SC Dept Of Revenue site: Business Personal Property Tax (BPP) is a tax on the furniture, fixtures, and equipment that are owned and used in a business. Any assets that are claimed on the business' income taxes should be reported on the BPP tax return. On the return, the business owner reports the total cost of the assets, the income tax depreciation, and the net depreciated value. An assessed value is then sent to the county where the business is located. The county will send a BPP tax notice after September 1. The payment is due on or before the following January 15 of each year.
My guess is that you own the furniture, etc. since if they are damaged or need to be replaced, you are charged to replace them. And yes, it is legal to tax businesses on their assets every year.
The bottom line is that Horry County/MB try to keep taxes low for residents. If you are a non-resident, business or tourist they extract as much as they can from you. And, by the way, don't be surprised if your $300-$500 tax bill on the listing is actually higher especially if the previous owners were official residents of SC. If they were non-residents, then the $300-$500 is probably correct. But, if they were not...count on the tax bill being 3x what they paid.
I know the real estate part of my tax is higher than if it were not a rental. I think the prior owner may have been a SC resident, but he owned the property as a rental as well. I'm "ok" with the things most people would consider assets, such as furniture and appliances, but the form gets down to the nitty gritty....I don't plan to depreciate wastebaskets and stuff, but honestly, we haven't done this before, maybe when we do our taxes it will become more clear as to what gets depreciated etc.
We also have a condo here in NJ, but it is a typical long term rental where we don't own anything inside but the flooring and the appliances. That was easy to do taxes using a tax program to figure depreciation etc.
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? Things as mundane as blinds, lamps and wastebaskets? How the heck do I know what it's value is? How do I know what the owner put last year, I surely don't want to put more, but if I put much less will they come knocking? Would be nice if they told me the tax RATE so I could put enough down to come in around a few hundred owed in tax. And is it even legal to tax people year after year on the same items? I'm surprised it hasn't been challenged. 
