If you live in York County, SC and own real property, you may have received your property reassessment letter. Carmen and I have already received our letter. Every 5 years, the county is allowed to reassess your real property and make adjustments based on current market values. 2020 is the 5 year mark for the York County Assessor’s office to reassess your property. The last reassessment was 2015.
So what is the assessor’s process to reassess your property? According to the Assessor’s 2020 reassessment guide, real property is reassessed at fair market value using a “Mass Appraisal” process which may be described as: “The practice of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing.”
The York County Assessor’s office sent out to real property owners their reassessment letter beginning Sept 15th, 2020. In this letter you will see your properties total market value (land and improvements) and assessment value. Neither one is your tax payment amount. Your tax amount due will come in a tax statement normally mailed by the York County Auditor’s office between October and November.
You can estimate your taxes now on your own by taking the assessment amount in your assessor’s letter and multiplying the assessment value by your city or county millage rate. Then subtract any exemptions. The sum of this calculation is your tax amount. Don’t forget about any municipal extra fees not contained in the millage rate. For example, we live in Tega Cay, a storm water fee is an extra charge on our tax bill every year. The basic formula is:
ASSESSMENT x MILLAGE RATE — EXEMPTIONS = TAXES
Hear is a link to the 2020 Millage rate Chart
An interesting point in the SC State Real Property Tax Reform Bill passed in 2006, There is a cap on the increase in value on a property at 15% over a five year period unless there is an “Assessable Transfer of Interest” for example selling your home.
If you disagree with the appraisal or assessment, you can challenge the reassessment by filing a written objection form within 90 days of the date of assessment to the Assessor’s Office. The objection form can be filed by either the Tax Payer or their agent (this is not a real estate agent but an attorney, CPA to name a few). Submit the form to the Assessor Office by email [email protected] , by mail, or at their office on the second floor of The Government Center in York.
Don’t forget to make sure you have qualified for the correct tax ratio percentage based on the type of property you live. The tax ratio the County used for your reassessment is printed on the reassessment form. Residential property that is the owner’s primary residence has an assessment ratio of 4%; providing proper application has been made. All other residential and commercial property is assessed at a 6% ratio. Industrial property, which is appraised by the Department of Revenue, is assessed at 10.5% ratio.
Below is the Assessor’s Office Guide to Reassessment for 2020.
Here is a link to the Assessor’s office website page with more info.
Here is a link to looking up your property assessment info using the Assessor’s GIS property search system.
Here is a link to look up passed year’s property tax payments. In this online search tool, you can see passed year’s market value and assessment value to compare it with the new market value and assessment value numbers.