Lexington County Homeowners: Get Ready for Reassessments!
Hey there, Lexington residents! As we close out another year, it looks like some interesting changes are on the horizon for homeowners in our lovely county. If you own a home, you might want to pay close attention because your property value—and potentially your taxes—could be on the rise.
What’s Happening?
Every five years, Lexington County conducts a reassessment to evaluate property values. This process is set to wrap up soon, and officials are making sure they have all the right information before sending out reassessment notices in the spring. County assessor Rick Dolan mentioned that they are currently busy collecting data on property transactions throughout 2024. So, if you thought your home value was steady, think again!
What Does This Mean for You?
With the last reassessment carried out in 2020, many homeowners could see their property’s value change significantly. Just to put things into perspective, the median sale price of a Lexington County home started around $150,000 at the beginning of 2020. However, prices have skyrocketed over the past few years, peaking at roughly $400,000 in late 2022! Yikes! If you’ve been keeping an eye on the real estate market, you probably know what this means for your property.
Of course, what goes up does come down—sort of. Just because your home is reassessed for a higher value doesn’t automatically mean your tax bill will follow suit. Thanks to South Carolina law, any increase in taxable value is capped at 15%. So if your house was valued at $100,000 in 2020 and is now at $200,000, you’ll only pay taxes on $115,000. Phew!
Why are Prices So High?
According to local realtor Morris Lyles, the reasons behind the price hikes are straightforward. Simply put, Lexington County is growing! With local governments limiting new development to avoid traffic and overcrowding, the demand for homes is outstripping the supply. More people want to move here, but there aren’t enough new houses to accommodate everyone. It’s basic economics!
What If You Don’t Agree with Your Assessment?
If you do receive a reassessment notice and feel it’s too high, don’t worry just yet. You have 90 days to file an appeal. It’s crucial to act quickly because waiting until the tax notices go out in late 2025 won’t cut it! Dolan assures that there’s a tear-off portion at the bottom of the notice specifically for appeals. Just fill it out, and they’ll set up a time to discuss it with you.
And if you’re still not satisfied after speaking with them, you can escalate the issue to the board of assessment appeals or even take your case to court. Some homeowners have successfully appealed assessments, even those exceeding the 15% cap, so it’s worth trying if you feel your values are miscalculated.
Wrapping Up
This reassessment process is aimed at ensuring fairness and keeping everyone on a level playing field when it comes to property taxes. In the grand scheme of things, it’s not about finding a loophole for more county tax cash; it’s about maintaining a healthy balance. As we move into 2025, keep your eyes peeled for those notices coming your way! It’s bound to stir things up a bit in our lovely Lexington County.
Stay informed, neighbors, and happy homekeeping!
