Home Buying in 31411>Question Details

S&S, Home Buyer in 33412

Savannah property/casualty insurance rates: firms writing insurance, avg cost per year on a $500,000 home. Property taxes on a $500,000 home?

Asked by S&S, 33412 Sat Feb 5, 2011

I've read that insurance is expensive and tough to obtain. I don't understand how property taxes are assessed in the Savannah area. Any information would be helpful.

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it is very difficult to give you a straight answer on the taxes in the area. Homes are taxed based on location so it depends whether a home is in the city limits, whether it has transit or not, etc. Chatham County has one rate, Effingham and Bryan all have their own as well. Your agent can pull the taxes on the home that you choose to see what the seller's are currently paying. You may also be eligible for tax exemptions which would change your tax amount as well (Homestead exemption for example). Chatham county has all of their tax bills on http://www.chathamtax.org and you can go to the Chatham county site at http://www.chathamcounty.org/assessor.html to get information on the millage rates and how properties are taxed. Robin Arrow
RAWLS REALTY
Web Reference: http://www.robinarrow.com
1 vote Thank Flag Link Sat Feb 5, 2011
It will depend greatly on the location of the house. You can typically expect 1% of the tax assessed value for houses outside of city limits. HOuses in city limits would be closer to 1.4% of the tax assessed value. This is a consertive estimate. Homestead exemption would also qualify for a reduction.
Insurance companies offer many different coverages and deductables. Location, flood elevation also play a stong part in rates. I would plan for $1000/year or greater.
Feel free to contact me if you have any further questions or visit http://www.DonCallahan.com
Thanks,
Don
Web Reference: http://www.DonCallahan.com
0 votes Thank Flag Link Sun Feb 6, 2011
The taxes on a property worth $500K would be in the neighborhood of $5900 per year. Taxes in Chatham County are based on 40% of the value of the property and figures on a mill rate. I cannot remember exactly what the milage rate is but it is something like .0271xxx. Hope this helps!
0 votes Thank Flag Link Sat Feb 5, 2011
If you figure 1% of the cost of the house for property taxes you should be safe.
Whether you need flood insurance is the biggest unknown.
John Hamson
Prudential SE Coastal Properties
912-655-0585
0 votes Thank Flag Link Sat Feb 5, 2011
I had forgot to answer about the insurance. I usually recommend trying the company you presently are insured with to get a quote. The local companies I generally will give for quotes are Cottonstates and GA Farm Bureau. Hope this helps.
Web Reference: http://www.robinarrow.com
0 votes Thank Flag Link Sat Feb 5, 2011
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