HORRY COUNTY, SC (WMBF) - Any day now you could get a letter in the mail saying the value of your home is increasing, which means you may have to pay more in taxes starting next year.
However, chances are most people will not get a letter in the mail, which means their home is valued about the same or less than it was in 2010.
For the first time in Horry County's history, the new real estate property reassessment shows the overall market value is down.
About 65,000 properties saw market values jump $1,000 or more but about another 158,000 properties saw a drop off of a thousand or more.
County Assessor Rendel Mincey said some condo properties were reassessed $10,000 less than during the last reassessment in 2010.
If you saw a drop in market value on your property, you could still pay more in taxes in 2015. That will be the case if the new assessed value of your home is higher than the tax value you have been paying.
"In situations where that capped value is lower than the new market value, it gives that capped value room to move upwards no more than a 15 percent limit," added Mincey. "It can move up depending on how much space there is between the market and the previous cap."
Keep in mind this reassessment is simply what the county thinks your property is worth and not necessarily what someone would pay for your home on the open market.
"In reality, the tax value of your property has little to do with what your home is actually worth on the market today," said real estate broker Ernie Derrick. "When you are looking at or considering selling your home, the first step you should do is to contact a Realtor and let them assist you in defining what the market is for your particular neighborhood."
Mincey said at the moment, homes in the $150,000 to $200,000 range seem to moving the fastest when it comes to getting back to the level they were at before the bottom fell out of the market.?