Lexington County Residents Brace for Property Tax Changes

News Summary

Residents of Lexington County are preparing for potential property tax increases as the county completes its five-year property reassessment. The reassessment, scheduled for spring 2025, will adjust property values based on recent sales data, prompting concerns among homeowners due to the significant rise in property prices in recent years. South Carolina law limits taxable value increases to 15%, providing some financial relief. Homeowners will have a 90-day window to appeal their assessments as they navigate this complex and potentially challenging process.

Lexington County Residents Brace for Potential Property Tax Increases

Residents of Lexington County are prepping themselves for some significant changes ahead as the county wraps up its property reassessment process, which rolls around every five years. This reassessment isn’t just a routine check-up; it’s a comprehensive evaluation of property values in the county that ultimately influences property taxes.

The Ins and Outs of Reassessment

According to South Carolina law, county assessors are required to re-evaluate property values every five years, a task that’s crucial for properly assessing taxes. The last time Lexington County underwent this review was in 2020. Fast forward to 2024, and the county will begin taking a closer look at property transaction data collected throughout the year. Homeowners can expect to see their new assessment notices land in mailboxes by spring 2025.

What’s Happening Nearby?

For those keeping an eye on the local real estate market, it’s worth noting that residents of Richland County have already received their reassessment notices this summer. So, the buzz about property values isn’t just limited to Lexington; it’s a topic sweeping across the region.

Property Value Trends

Taking a look at the numbers over recent years can really help put this in context. Back at the beginning of 2020, the median sale price for a home in Lexington County was around $150,000. It was a whole different story just a year earlier when prices peaked at over $200,000. However, by late 2022, home sales skyrocketed to approximately $400,000, signaling a notable leap in property values that surely has many homeowners feeling a bit anxious about what’s coming next.

Factors Driving Home Prices

Why the sudden surge in home prices, you ask? Local realtors point out that the Midlands is facing limited new development, and with demand remaining high, prices are bound to rise accordingly. For properties that have recently changed hands, they will be assessed based on the latest sales price, which can have an impact on how much homeowners will need to shell out when it comes to their property taxes.

Know Your Limits

Now, a little bit of good news: South Carolina law has put a cap on how much a home’s taxable value can increase, limiting it to a maximum of 15%. So even if overall property valuations go up significantly, homeowners might find that their tax bills don’t soar to the same heights. This cap is designed to alleviate the burden on homeowners and ensure that the reassessment process does not lead to unduly high tax revenues for the county.

Understanding the Tax System

Residents should keep in mind that each municipality and school district in Lexington has its own tax rates, which creates a rather intricate system of tax calculations. This means that understanding your individual tax bill could take a bit of effort, especially during reassessment times.

Your Right to Appeal

After receiving reassessment notices, homeowners will have a 90-day window to appeal if they feel their assessments are too high. If you think your home’s value was overrated, do not hesitate to reach out directly to the assessor’s office. There’s a clear process in place to discuss any concerns you might have regarding your assessment.

Going Further with Appeals

Should you remain unsatisfied with the assessor’s decision post-appeal, you have the option of taking your case to the board of assessment appeals or even to court. Engaging in this process is highly encouraged, especially for those assessments that exceed that 15% cap. The laws are in place to protect homeowners from excessive financial burdens, so be proactive if you feel something is amiss!

Staying Informed

The upcoming reassessment brings a lot of challenges, but knowledge is power. Stay informed, and don’t hesitate to reach out if you have questions. After all, being equipped with information is the best way to handle the potential for property tax increases.

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Additional Resources

• The State: Lexington County Property News
• WLTX: Westwood Estates Foreclosure
• Lexington Chronicle: Tax Exemption for Veterans
• Nora D. Real Estate: SC Housing Market
• WBTV: Tire Manufacturer Expansion
• Wikipedia: Property Tax

Author: HERE Lexington