County Real Estate Property Tax Assessments Are Beyond Rediculous

By
Real Estate Agent with SC Beach Real Estate (SC) Sandra Keller - Realtor (NC)

In my County within South Carolina real estate owners are now receiving their property tax bill for 2010.  During the past several days clients have been calling to ask me why their homes "Fair Market Value" had increased, in one case, by almost one hundred thousand dollars and their annual property tax owed had increased several thousands of dollars.  I could only tell them to appeal the Assessment because homes comparable in their neighborhood were being appraised by licensed Appraisers for less then their previous "Fair Market Value".

If the property tax bills my clients received were in error I would be the first to say, "mistakes happen" but today I was told that the bills were correct according to the County Tax Assessors Office.  What are our government officials thinking?    

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
South Carolina
Tags:
real estate property tax
tax assessment
fair market value
south carolina
appraisers
tax bills

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
92,639
Richard Sanderson
Local Government Services International - Portland, OR
Property Tax Consultant

Sandy:

I don't intend to defend high real estate taxes, but there may be an explanation as to why the assessed values that are used to determine the taxes increased.  Value is all about its "effective date."  If I said I have a home that was worth $20,000 you may be surprised.  If I said it was appraised with an effective date of value of December 31, 1974, it would be more believable.

The effective date of value for the Horry County reassessment is December 31, 2008.  Today's market is probably very different, but the point is the value being estimated for assessment purposes it not today's value but the value on December 31, 2008.  The previous reassessment had an effective date of December 31, 2003.  So the assessment notices would have shown a value change between 2003 and 2008.  According to the Horry County assessors website (horrycounty.org/depts/finance/assessor.asp) there is a 15% cap on increased assessments.

As hard as it may be to believe that assessments can increase why property values are declining, I would urge your readers to call the assessors office to get all the facts.  And remember, every property in the county is being assessed using the same methodology.   

October 18, 2010 02:12 PM #1
Show All Comments
Rainmaker
61,790

Sandy Keller Lovelace

Myrtle Beach Real Estate
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: