HORRY COUNTY, SC (WBTW) – The Horry County Assessor says higher property values will not increase property taxes by much.
This comes after concerns over the recent reassessments were sent in the mail, however, property value and property taxes don’t necessarily go hand-in-hand.
Horry County reassess property values on a mass basis every five years. Horry County Assessor Lawrence Roscoe says the purpose of the reassessment is to re-equalize the values of properties in the County.
The highest the county can tax on reassessed properties is by 15%. Meaning if your property’s value increased by 20%, the property can only be taxed at the 15% cap rate.
This year many homes in the county saw a property value increase.
The county is only allowed to increase its tax base by 1% over last year’s base. If the reassessed tax base exceeds 1%, the county must lower the millage to re-equalize with property value.
“This makes the county revenue neutral,” said Charley Ray of Ray Realty, “The reassessment will bring properties up. The county will not see a win fall from the reassessment.”
By lowering the millage, property owners won’t see much of an increase to their tax bills.
With a higher property value, a homeowner could make more money when selling their home.
“Basically what happens is when your property value goes up, then we’ll decrease the millage rate. The tax pretty much stays the same,” said Johnny Vaught, Horry County Councilman of District 8.
Vaught says the council is already working on lowering the millage.
The new millage could be presented at the administrator committee meeting, which will be held in late July.
Homeowners who believe their property assessments were appraised too high may file an appeal within 90 days of receiving their reassessment.