- What is reassessment?
- Why reassess?
- What County Official is responsible for reassessment?
- How is property reassessed?
- How does reassessment affect my tax bill?
- What if I do not agree with the value put on my property?
- When will I get my tax bill?
- How does the appraised value affect taxes?
1. What is reassessment?
Reassessment ensures that all real estate is on the tax rolls at its fair market value based on a given point in time. Land and any improvements on it, such as a house, building, swimming pool or a dock. Mobile homes are considered real property, even though the mobile home owner may not own the land under it.
Only real property is appraised during reassessment. Values of personal property, such as automobiles, boats and airplanes, are kept current through information supplied to the Auditor by the South Carolina Department of Revenue.
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2. Why reassess?
The purpose of reassessment is to equalize values at current market value.
All properties in this county were reassessed in 2005 and those values used in the computation of taxes for 2006. The next countywide reassessment is scheduled for completion in 2010 with implementation in 2011. Under new property tax laws taxable value increases between the 2005 and 2010 reassessment programs will be capped at 15%. Notable exceptions being where a property undergoes either physical or legal change, or a qualifying change in ownership occurs.
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3. What County Official is responsible for reassessment?
The Oconee County Assessor, under the regulatory authority of the South Carolina Department of Revenue.
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4. How is property reassessed?
First, an appraiser from the assessor's office visits the property and measures the structures to determine the square footage. The appraiser also notes other information, such as age, type of construction, type of heating and air conditioning, number of stories, and whether the structure has a garage, deck, swimming pool or other amenities.
Then, the appraiser considers this information in conjunction with what similar properties in the area are selling for and how much it would take to replace the property at current material and labor costs. In the case of rental or commercial property, an evaluation is made on how much income the property produces, what the operating expenses are, and what kind of investment return can be reasonably expected.
The appraiser estimates the market value of the property. The appraiser will not go inside a property unless the property owner requests that they do so.
Vacant land and agricultural property are revalued at market value based on sales of similar property. Land which is used for bona fide agricultural use receives a lower assessment rate if application is made.
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5. How does reassessment affect my tax bill?
In the year of reassessment the millage rate for all real and personal property must not exceed the rollback millage, except that the rollback millage may be increased by the percentage increase in the consumer price index and population growth. Exceptions can be made under extraordinary circumstances by the governing body.
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6. What if I do not agree with the value put on my property?
Reassessment notices are scheduled to be mailed the spring of 2010. The notice indicates the new value assigned to your property, as well as the previous value. IT IS NOT A TAX BILL.
You MUST appeal within the ninety (90) day period .
The Assessor will schedule a meeting to discuss your concerns. If they cannot be resolved at that time, a hearing will be scheduled before the County Assessment Appeals Board. If you or the assessor is not satisfied with the Board's ruling, the decision may be appealed to the South Carolina Administrative Law Judge Division.
If your appeal of appraised value is still pending on December 10th, you have the option of either paying the current bill or contacting the Assessor and requesting a bill based on 80% of the disputed value. Payment must be made by January 15th to avoid penalty. Once the appeal has been resolved you will receive either an additional bill or refund depending upon the final value concluded.
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7. When will I get my tax bill?
Tax bills are mailed around the first of October. They are payable without penalty by the following January 15.
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8. How does the appraised value affect taxes?
Residential property that is the owner's principal residence is assessed at 4 percent of its appraised value, providing proper applications have been made. All other residential and commercial property is assessed at 6 percent. Industrial property, which is appraised by the Department of Revenue & Taxation, is assessed at 10.5 percent.
To figure taxes on a property, the appraised value is multiplied by the assessment ratio to arrive at the assessed value. The assessed value is then multiplied by the millage to arrive at the amount of taxes. One mill equals 1/1000 of a dollar or 1/10 of a cent.
EXAMPLE:
For instance, 2007 taxes on a $125,310 home with a legal residence assessment outside city limits or the Keowee Key Fire District is calculated as follows:
|
$125,310
(appraised value)
|
x
|
4%
(assessment ratio)
|
=
|
$5,010 ®
(assessed value)
|
|
$5,010
(assessed value)
|
x
|
.216
(millage rate)
|
=
|
$1,082.16
(taxes)
|
$1,082.16
(taxes) |
-
|
$550.10
(maximum)
(school operation tax exemption) |
=
|
$532.06
|
| |
|
|
|
Total Tax
|
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