|
Reassessment
- 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. 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.
top
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.
top
3. What County Official
is responsible for reassessment?
The Oconee County Assessor.
top
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.
top
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.
top
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.
top
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.
top
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:
|
$100,000
|
x
|
4%
|
=
|
$4,000
|
|
(appraised value)
|
|
(assessment ratio)
|
|
(assessed value)
|
|
$4,000
|
x
|
.205
|
=
|
$820.00
|
|
(assessed value)
|
|
(millage rate)
|
|
(taxes)
|
|
$820.00
|
-
|
$340 (maximum)
|
=
|
$480.00
|
|
(taxes)
|
|
(state benefit relief)
|
|
Total Tax
|
top
|
Assessor's Office
415 South Pine Street
Walhalla, SC 29691
(864) 638-4150
Fax: (864) 638-4156
Office Hours
8:30 AM to 5:00 PM
Monday - Friday
Contact Information
General Questions About
Your Assessment:
864-638-4150/4151
Primary Residence Exemption (4%):
864-638-4150/4151
Multi-lot Discount Information:
864-638-4150/4151
Agricultural Application Exemption:
864-638-4150/4151
Appeals and Adjustments:
864-638-4150/4151
Tax Mapping information:
864-638-4154
Speak with the Assessor:
864-638-4150/4151
Personal Property/ Auditor:
864-638-4158
|