Reassessment

1. What is reassessment?
2. Why reassess?
3. What County Official is responsible for reassessment?
4. How is property reassessed?
5. How does reassessment affect my tax bill?
6. What if I do not agree with the value put on my property?
7. When will I get my tax bill?
8. 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. 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 the Department of Revenue & Taxation.

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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 2000. But these values changed over time, and properties in areas that are developing quickly appreciates more rapidly than property in established areas where little change has taken place.

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3. What County Official is responsible for reassessment?

The Oconee County Assessor.

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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 for the year immediately preceding the year of reassessment, exceptions can be made under extraordinary circumstances.

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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 summer of 2006. 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 31, you must contact the Assessor and make arrangements to pay on the amount of 80% or more of assessed value.

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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, 2004 taxes on a 100,000 home with a legal residence assessment outside city limits or the Keowee Key Fire District is calculated as follows:
 

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