Countywide property reassessment is under way in Georgetown County and many residents are worried about what it’s going to do to their tax bills. Market values have exploded since the last reassessment five years ago, but that doesn’t mean tax bills are going to see a dramatic increase, said Walt Ackerman, Georgetown County Director of Administrative Services.
The first thing residents need to remember is that taxes are based on a property’s assessed value, not the market value. If someone has been living in their home for a long time, those values can be very different. That’s because state law caps how much assessed value on properties can increase between reassessments. Assessed value cannot increase more than 15% over a 5-year period unless the property is sold. When a property is sold, it is reassessed based on the sales market during the year of the sale. Otherwise, properties are only reassessed every five years during countywide reassessments, as mandated by the state.
Countywide reassessment serves the purpose of ensuring property values reflect current market conditions. But it’s a revenue-neutral process. State law doesn’t allow counties to profit from reassessment. If property values go up, millage rates are required to be rolled back so counties don’t collect any more money after reassessment than they did before.
“People should expect to see very little change to their tax bill as a result of reassessment,” Ackerman said. “If everybody’s property went up 15%, millage would be rolled back 15% and taxes would remain the same. But not everybody’s values are going to go up 15%; some might only go up 10% or 12%, so the tax rate is going to be rolled back to equalize the revenue.”
The Georgetown County Assessor’s Office expects to send out assessment notices in mid-summer. As that date nears, county officials will host public meetings and provide more information about how to understand the notices and how residents can appeal if they think their assessment is wrong. Residents will have 90 days from the date of the notice to file a written appeal.
In the meantime, Assessor Tim Holt said now is the perfect time to double check your personal information on file with the county, including whether you are entitled to a legal residency exemption. Residents can check their information, review a sketch of their home and more at https://www.qpublic.net/sc/georgetown.
Holt said he wants residents to understand in advance that their assessment notice is not a tax bill. Tax bills won’t go out until the fall. Residents are also cautioned that their tax bills may include changes not driven by reassessment, such as millage adjustments for school operations, fire service and more.
For more information and updates on reassessment throughout the year, visit gtcounty.org/reassessment or call the Assessor’s Office at 843-545-3014.
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