York County will begin mailing ?Notice of Assessment? letters to York County SC property owners this month. Your property is reassessed every 5 years or sooner if you make improvements or transfer (buy) property. The last County 5 year reassessment was in 2006. There is a good chance your home value in Fort Mill, Rock Hill, Tega Cay, Lake Wylie, Clover, etc will show an increase this year.
What? My property re-assessment notice from York County may show an increase this year? I thought homes have decreased in value in the last couple years! So why the higher property assessment values this year?
Since the last reassessment was done in 2006, property values were based on market and sales activity in 2003 and 2004. The market continued to experience property value increases in years 2006 ? 2008. Your reassessment will most likely be higher if not adjusted since 2006. In fact, Herald reporter Jamie Self stated in an article, 77% of York County property values are worth more than they were in the 2006 assessment.
Some relief comes from a 2006 ?Real Property Tax Reform Bill? Act 388. There are some guidelines in the bill that may help limit your reassessment increase or tax impact
The bill caps the increase in value on a property at 15% over a five year period unless there is an ?Assessable Transfer of Interest? (meaning the home was sold, bought, or transferred) or additions and improvements.
Because of the increase in values during reassessment, state law requires that local government reduce the millage rate to what is called a ?rollback millage.?
Here are some tips from the York County Assessor?s office in reviewing your Notice of Assessment
- Is the information correct on your notice?
- If this is you primary residence, is it taxed at an assessment rate of 4% instead of 6%?
- Is it showing the correct number of buildings and acreage?
- Does the value of the land and buildings reflect the properties true market value? (The price that your property would sell for on a fair and open market, with a willing buyer and willing seller.)
When you receive your ?Notice of Reassessment? and you disagree with the reassessment, you will have 90 days to file a written notice of objection to the County Assessor?s Office. I provided a copy of the County?s form here. York County Notice Of objection
If you have more questions about your assessment or the reassessment process, I added a handy link to 2 York County help documents:
Or visit the York County Assessor?s Office website.