HORRY COUNTY, S.C. (WMBF) – More than 200,000 homeowners in Horry County received letters in the mail this week about their property value, and it’s leaving many with more questions than answers.
Across social media, there have been comments and questions coming up regarding the 2019 reassessment period and many are wondering why their property value has gone up so much.
One person said their home value went up more than $87,000 and another person stated that theirs went up $60,000.
“Now we don’t do exactly like what your bank appraiser does and go out and look at every single property. But what we do is take those overall trends and say, ‘OK, so what’s going on between 0-5 years, 5-10 years of age of this particular quality in this particular economic area in our county,’” Horry County Assessor Larry Roscoe explained.
Roscoe said the reason they can’t look at every single home is that there are more than 250,000 unique properties across the county. He said 230,000 of those homes will receive an assessment notice.
Homeowners who received a tax assessment letter in the mail, and don’t believe it’s accurate, have 90 days to appeal it.
WMBF News spoke to a realtor who said it seems this is a route a lot of people are taking.
“He got 92 people that reached out to him yesterday in discrepancies in regards to their value,” said Blake Sloan with Sloan Realty Group.
Sloan said it seems homeowners in areas impacted by Hurricane Florence seem to be where the most questions regarding the reassessment are coming from.
“Out towards Highway 90, where their assessment went up significantly and the property value was affected after the hurricane. So there’s some discrepancy in what the property would sell for,” Sloan said.
Roscoe said the county is not able to “get rich” off the property value going up, and with so many home reassessed at higher values, there will be a decline in other tax areas.
“The state law caps our windfall for lack of a better term at only 1% of the previous tax base. Then everything after that, the millage gets adjusted down. So with as many people’s value going up as we’ve seen after that, we know we are going to have a pretty substantial millage rollback. We don’t have the exact numbers yet, but we know it could be anywhere from one to two mills,” Roscoe said.
There’s also a cap on how much the county can increase people’s taxes, which is 15% of what it was before.
For example, if your home was originally valued at $101,000 and the new value is $145,000, you will only be taxed on a maximum of $117,000.