Commercial RE
Best County Property Taxes
Is South Carolina a great place to live and own real estate based on value, quality of life, jobs and taxes. Let’s share a few facts about York County, SC…
Low taxes, great communities, close to major cities (Charlotte, Columbia or Greenville), major highway, solid employment opportunities, Lake Wylie, River Walk District and healthy area to retire and enjoy life.
York County
The seventh most populous county in South Carolina, York County has property tax rates close to the state average. The largest city in the county is Rock Hill. The total millage rate in Rock Hill is around 380 mills (as of 2013). The rate applies to assessed value, which for owner-occupied residences is equal to 4% of a home’s full market value.
How Your Property Taxes Compare Based on an Assessed Home Value of $78,000 (Example only)
| Lancaster County $396 |
0.508% of Assessed Home Value
|
| South Carolina $448 |
0.574% of Assessed Home Value
|
| National $945 |
1.211% of Assessed Home Value
|
Tax Study by County
As the summer approaches and the weather leads us to the beach or water park
South Carolina is just 0.57%, fifth lowest in the country.
Real-Estate Property Taxes by State
|
Rank |
State |
Effective Real-Estate Tax Rate |
Annual Taxes on $179K Home* |
State Median Home Value |
Annual Taxes on Home Priced at State Median Value |
|---|---|---|---|---|---|
| 1 | Hawaii | 0.27% | $487 | $515,300 | $1,406 |
| 2 | Alabama | 0.43% | $773 | $125,500 | $543 |
| 3 | Louisiana | 0.49% | $876 | $144,100 | $707 |
| 4 | Delaware | 0.54% | $959 | $231,500 | $1,243 |
| 5 | District of Columbia | 0.56% | $1,000 | $475,800 | $2,665 |
| 6 | South Carolina | 0.57% | $1,019 | $139,900 | $798 |
| 7 | West Virginia | 0.58% | $1,044 | $103,800 | $607 |
| 8 | Colorado | 0.60% | $1,073 | $247,800 | $1,489 |
| 9 | Wyoming | 0.61% | $1,097 | $194,800 | $1,196 |
| 10 | Arkansas | 0.62% | $1,111 | $111,400 | $693 |
| 11 | Utah | 0.68% | $1,218 | $215,900 | $1,472 |
| 12 | New Mexico | 0.74% | $1,324 | $160,300 | $1,188 |
| 13 | Tennessee | 0.75% | $1,335 | $142,100 | $1,062 |
| 14 | Idaho | 0.76% | $1,366 | $162,900 | $1,246 |
| 15 | Mississippi | 0.79% | $1,408 | $103,100 | $813 |
| 16 | Virginia | 0.80% | $1,420 | $245,000 | $1,948 |
| T-17 | California | 0.81% | $1,438 | $385,500 | $3,104 |
| T-17 | Arizona | 0.81% | $1,446 | $167,500 | $1,356 |
| T-19 | Montana | 0.85% | $1,525 | $193,500 | $1,652 |
| T-19 | Kentucky | 0.85% | $1,511 | $123,200 | $1,042 |
| T-19 | North Carolina | 0.85% | $1,524 | $154,900 | $1,322 |
| T-19 | Nevada | 0.85% | $1,523 | $173,700 | $1,481 |
| 23 | Indiana | 0.87% | $1,560 | $124,200 | $1,085 |
| 24 | Oklahoma | 0.88% | $1,569 | $117,900 | $1,036 |
| 25 | Georgia | 0.94% | $1,685 | $148,100 | $1,397 |
| 26 | Missouri | 1.00% | $1,790 | $138,400 | $1,387 |
| 27 | Florida | 1.06% | $1,894 | $159,000 | $1,686 |
| T-28 | Oregon | 1.08% | $1,929 | $237,300 | $2,563 |
| T-28 | Washington | 1.08% | $1,931 | $259,500 | $2,805 |
| 30 | Maryland | 1.10% | $1,956 | $286,900 | $3,142 |
| 31 | North Dakota | 1.12% | $2,000 | $153,800 | $1,722 |
| T-32 | Alaska | 1.18% | $2,112 | $250,000 | $2,956 |
| T-32 | Minnesota | 1.18% | $2,110 | $186,200 | $2,200 |
| 34 | Massachusetts | 1.20% | $2,139 | $333,100 | $3,989 |
| 35 | Maine | 1.30% | $2,321 | $173,800 | $2,259 |
| 36 | South Dakota | 1.34% | $2,389 | $140,500 | $1,879 |
| 37 | Kansas | 1.40% | $2,502 | $132,000 | $1,849 |
| 38 | Iowa | 1.48% | $2,649 | $129,200 | $1,916 |
| 39 | Pennsylvania | 1.53% | $2,725 | $166,000 | $2,533 |
| 40 | Ohio | 1.56% | $2,794 | $129,900 | $2,032 |
| 41 | New York | 1.62% | $2,899 | $283,400 | $4,600 |
| 42 | Rhode Island | 1.63% | $2,915 | $238,000 | $3,884 |
| 43 | Vermont | 1.74% | $3,116 | $217,500 | $3,795 |
| 44 | Michigan | 1.78% | $3,172 | $122,400 | $2,174 |
| 45 | Nebraska | 1.85% | $3,308 | $133,200 | $2,467 |
| 46 | Texas | 1.90% | $3,386 | $136,000 | $2,578 |
| 47 | Wisconsin | 1.96% | $3,499 | $165,800 | $3,248 |
| 48 | Connecticut | 1.97% | $3,517 | $270,500 | $5,327 |
| 49 | New Hampshire | 2.15% | $3,838 | $237,300 | $5,100 |
| 50 | Illinois | 2.30% | $4,105 | $173,800 | $3,995 |
| 51 | New Jersey | 2.35% | $4,189 | $315,900 | $7,410 |
Negotiating a Commercial Lease
A commercial lease is an important part of your business. Negotiating a favorable lease places your business in the position to succeed. Remember that a real estate lease agreement is prepared by the landlord lawyers and leans toward them in terms. Your responsibility as a potential tenant is to read it completely and keep your Tenant Representation (like CREC Brokers) in your review circle, understand what it says, and then ask for modifications that will favor your business. It’s a business of numbers and credit so use your leverage to better the Deal.
Please have your lawyer review any legal agreement before signing and executing it.
1. Evaluate the Length of the Lease
Once you’ve locked down a Location, write-up a Letter of Intent (LOI). One of the first issues you need to work out is the length of the lease and the square foot rate. A term of three years is usually best for small businesses, with an option to renew included. This doesn’t tie you in for too long but gives you the option to stay if it is a good fit. If you feel that you could easily find a comparable location, a shorter lease is better for you in case rents in your area go down or it turns out to be an unfavorable location. However if your business is going to be very location-dependent (such as a restaurant), you will want security, so a longer term makes sense and could reflect in a better SF rental rate.
2. Research Comparable Rents
The amount of rent you will pay is an important consideration in a lease agreement. Do your homework and know what the going costs are in your area so you can negotiate a fair price. Part of negotiating renewal options includes specifying rent increases so your company has a future projection of expenses. Your landlord will likely want to increase the rent for each additional year. Try to work out a cap on these increases so it remains affordable for you to stay in that location. You can also negotiate the amount of your security deposit and the conditions for its return.
3. Look for Hidden Costs
Your lease may be a “gross lease,” in which all costs are included, or a “net lease” in which there are costs in addition to your rent. Many commercial leases make the tenant responsible for costs such as maintenance, taxes, insurance or upkeep of common areas (TICAM). Get the details on these costs up front and negotiate this section to be as favorable as possible however many landlords have a set SF price for TICAM. Find out if your business will be responsible for specific systems maintenance and learn the current conditions of those systems so you can estimate costs. Negotiate dollar amount caps to these costs or negotiate for a slightly higher rent in exchange for the landlord taking on all costs. Determine whether there are separate utility meters or if utilities are apportioned among tenants by square footage.
4. Ask for Favorable Clauses
Ask for modifications to the lease that will benefit you. For example, a clause allowing you to sublease the property can be important should your business suddenly relocate or close. You may want to ask for a clause that restricts the landlord from renting out any other unit on the premises to a business similar to yours. A co-tenancy clause will allow you to break the lease if a large anchor tenant (which drives business to you) leaves. It is also possible to negotiate for the landlord to be responsible for making improvements to the property before you move in (Tenant Incentive). Make sure you are permitted to put up signage for your business.
5. Check the Termination Clause Closely
Read the terms of your commercial property lease as it pertains to default and termination of the lease. You’ll want a clause that allows you time to cure a default before eviction, particularly one that allows you to pay one month’s rent instead of the entire amount owed on the lease. You will want to negotiate any penalties for early termination of the lease should you decide you need to leave before the lease term is up.
The most important thing you can do is read your commercial lease carefully and understand it completely. This allows you to realize what benefits you have so you can ask for changes and it also prepares you for your responsibilities as a tenant.
Commercial RE
Burgess Concept – The Business of Design
In 2016, Burgess Concept (“BC”), changed from Burgess Design which was created after the Financial Meltdown in 2008.A unique time to start any business in the real estate service.
www.burgessconcept.com
www.facebook.com/brokerburgess
http://www.linkedin.com/in/brokerburgess
As a provider of “First Look” and “Conceptual Development Studies” in Commercial & Residential Real Estate, “BD” offers an inexpensive method to testing an acquisition target whether it’s an empty lot or an existing building with the option to expand. The First Look principal allows an efficient low cost tool to position “A Go or No Go”. Buying or selling property has several levels of due diligence that each side has to consider.
The team has prepared plans for site selection, office space and value proposition in several formats including CAD software. We have served our clients by looking at as many reasonably possible, benefits and obstacles that fit the assignment. Our clients have sent us the information about sites in various states across the United States, we have been able to develop concepts or show why we thought the site would not work for the intended use. When a site is not adequate based on the information we have available this preliminary study can prevent the loss of time and money.
Few Examples of Work:
bay-habour-pool-concept-model-v2Sierra Design – BOV Expansion
Foothills Property – Ft Mill SC
