Lexington County Residents Brace for Property Value Changes in 2025
Residents of Lexington County, are you ready for a bit of financial news that could shake up your wallets in the coming year? Come springtime, you can expect to see some mail coming your way that may just stop you in your tracks. That’s because the county officials are busy wrapping up their reassessment process, a routine that happens every five years to check in on local property values—and yes, that means property taxes too!
What’s Happening and Why?
It’s all a part of state law, folks! The county assessor, Rick Dolan, will be reevaluating property values based on various criteria. In simpler terms, they’re taking a good look around at how much homes are selling for and how that impacts taxes imposed by local school districts and municipalities. The last reassessment wrapped up in 2020, and now they’re gearing up to gather data on home transactions from calendar year 2024. Yes, 2024! So, hang tight; the actual notices won’t be mailed out until next spring.
Home Prices Have Skyrocketed
Now, let’s talk numbers! According to recent data from the S.C. Association of Realtors, the median sale price of homes in Lexington County has seen a whirlwind of changes over the past few years. Back in early 2020, homes were selling for around $150,000. Fast forward to late 2022, and that figure peaked at an eye-popping $400,000. What does this mean for you? Well, it’s bound to influence property assessments across multiple communities in Lexington County.
Supply and Demand: The Real Estate Roller Coaster
So, what’s causing these wild fluctuations in prices? Local realtor Morris Lyles explains that growth across the Midlands is a big driver. With city officials putting the brakes on new developments, the market is experiencing a classic case of high demand and low supply. “Nobody wants more neighborhoods due to traffic and other concerns, but with more people moving in and not enough homes, the prices just keep climbing,” Lyles said.
Taxes: It’s Not Just About the Reassessment
If you do receive a hefty reassessment on your house, don’t panic just yet! Here’s a glimmer of hope: South Carolina law limits how much a home’s taxable value can increase to just 15%. So, if your home was valued at $100,000 back in 2020 and now its worth is sitting at $200,000, you’ll only pay taxes on $115,000 instead of the full amount.
Lexington County Auditor Chris Harmon assures residents that the goal during reassessment isn’t to snag a windfall of tax money. Instead, it’s to ensure everyone pays their fair share without getting overburdened. But here’s the catch—each municipality and school district sets its own tax rates, making this process a bit more complicated. The S.C. Department of Revenue even conducts workshops to explain the formulas used for these calculations to the various taxing authorities.
Can You Challenge Your Assessment?
If you feel that your reassessment is a bit too high for comfort, you have 90 days to file an appeal with the assessor’s office after receiving your notice. Make sure you don’t wait until the tax notices go out at the end of 2025—time is of the essence! Dolan mentions that there’s a handy tear-off portion on the notice for appeals, and officials will schedule a talk to assess your concerns.
How to Navigate the Process
The assessor will perform at least two evaluations to determine the true market value of your property. If you still think things aren’t right, you can appeal to the board of assessment or take further action in the courts. Lyles says he has helped many clients successfully appeal assessments that exceeded that 15% cap, and he always encourages his clients to give it a shot. “Just tear it off, sign it, and we’ll be in touch,” Dolan advises residents.
Looking Forward
As Lexington County gets ready to mail out those notices, the people of this community should be prepared for the potential changes headed their way. Understanding the ins and outs of this process can ease some concerns about property taxes and valuation. So, keep your eyes peeled this spring, and get ready to navigate the world of real estate assessments with confidence!
