HORRY COUNTY, SC (WMBF) - People who live in Horry County will be getting their property reassessment letters over the next month.The County valued 250,000 properties last December. Homeowners can expect to see changes depending on several factors.
County leaders say this is a fair way to distribute the tax burden throughout the entire county, and this time around, the total reassessment came to $40 billion. But the percentage of change you'll see will depend on your property.
"During reassessment years, we always say there's winners and losers. We will have people whose properties have decreased since the last reassessment, and those that have increases as well," explains Horry County's Public Information Director, Lisa Bourcier.
The county will start sending out the letters in just a few weeks. At the top, it will say is not a tax bill, but it will give you an estimate of what your taxes could be. The county explains you may see changes if you have recent additions, like garages, bedrooms, pools and sheds.
The President of Coastal Carolina Realtors Association, Ernie Derrick, says that amount will be based off of many different things.
"Number one, the location of the property," Derrick says. "Number two, they'll look at the feasibility of the community and how desirable it is for people to want to reside there. They'll look at the age of the structure as well as what the general condition and age of the property."
County Spokesperson Lisa Bourcier says Market Common property owners may see an increase this time around. She says Market Common is a Tax Increment Financing, or TIF area.
Derrick explains TIF properties are areas that municipalities allot a separate budget to for development and upkeep needs. There is a beginning and end date for TIF properties.
Derrick says this increase is also because of the steady developments moving into the Market Common and the high demand and other areas that could be seeing an increase are Carolina Forest, The Grand Dunes, and ocean front properties.
However, he explains reassessment tax cannot exceed more than 15 percent at a time. The one time you would see a huge difference if you built a new home from scratch, because then you would be going from land property tax to residential property tax. But he says if you do not agree with the reassessment, the first move should be to contact a local realtor to do a market analysis breakdown for you.
Blake Sloan is a Realty Expert at Sloan Realty. He says because many of the homes are judged from the outside and there is a possibility the county could have outdated floor plans.
"Mass models leave a lot of room for error where as a one on one person to go through and look at real time concepts and real time market values," Sloan says.
County employees say there will be an appeals process breakdown on the back of your property reassessment form. You have 90 days to follow those steps.
The county will also be posting a citizen reassessment guide that will show a map with tax percent differences and more appeal info.