HORRY COUNTY, S.C. (WMBF) - Once every five years, the state requires the county assessor’s office to reassess property values across Horry County.
Several homeowners said their home value has increased substantially, meaning, they’ll pay more in property taxes.
The assessor’s office found the value on more than 230,000 homes and properties across Horry County increased by at least $1,000 over the last five years. County officials said it’s easy to understand why property values are going up across the board.
“All these people have to buy things and sell things and eat things, so that’s putting a good lift on our property values right now, it’s just the overall demand,” said Larry Roscoe, Horry County’s tax assessor.
On social media, many homeowners have said their new assessment shows their home value increased by anywhere from $40,000 to $90,000.
Roscoe said there’s a cap on how much the county can increase people’s taxes, which is 15% of what it was before.
For example, if a home was originally valued at $101,000 and the new value is $145,000, the owner will only be taxed on a maximum of $117,000.
After the property tax increase, the state requires the county to find other areas to reduce taxes.
“Horry County doesn’t get rich off of reassessment,” Roscoe said.
“What we have to do is we have to readjust our millage downward to reflect the increase in appraisals so that it’s revenue-neutral. So, in other words, people don’t have to pay extra taxes,” explained Johnny Vaught, a Horry County councilman.
But what is millage and how will it affect property taxes?
“The millage is the rate at which you pay property taxes," Vaught said. "They’ll set your property at a certain value and then the millage rate is applied to that and it’s like a percentage. And that percentage will be adjusted downwards based on the fact that everybody’s property appraisals went up. In most cases, it won’t be very much of an increase if an increase at all”
Roscoe said with around 90% of Horry County properties increasing in value, he expects to see a substantial millage rollback this year.
"We don’t have the exact numbers yet, but we know it could be anywhere from one to two mills.”
Vaught said the tax changes won’t happen until the next tax year.
For more information on the 2019 property reassessment, you can click here.