Property owners in Richland County will soon receive updates on the value of their properties as the County Assessor’s Office has completed its 2024 County-wide reassessment. Notifications to affected property owners began mailing on August 16.
This reassessment, conducted every five years in accordance with state law, ensures that all real property in the county is valued equitably and fairly. Richland County has approximately 184,200 parcels of real property; however, only those properties that saw an increase in value of $1,000 or more will receive a reassessment notice.
The taxable value listed on these notices will be the basis for the County’s real property tax bill. However, assessments and taxes will not be finalized until October, when the County Council sets the property tax rates, also known as the millage rate.
Property owners can estimate their real property taxes by visiting the County Assessor’s Property Value and Tax Estimate Inquiry page at https://bit.ly/RC-Property24. This link is also available under the Online Services tab at www.richlandcountysc.gov. For the most recent millage rate, visit the County Auditor’s website at www.richlandcountysc.gov/Auditor.
Filing an Appeal
Property owners who disagree with their appraisal have 90 days to file an appeal. Richland County encourages property owners to use the online Appeal Application to submit their appeals. Instructions for filing are available on the Assessor’s website or on the back of the mailed property reassessment notice.
The Assessor’s Office ensures all real property is valued at its current fair market rate, which is the price the property could sell for in the open market. Legal residences in South Carolina are assessed at a tax rate of four percent, while commercial or non-owner-occupied property is assessed at six percent.
County Assessor Fred Descy advises property owners to carefully review their reassessment notices for accuracy. “If the assessed property is your primary legal residence and the taxable value is listed on the six percent line, please apply for the Legal Residence Exemption on the Assessor’s website. If your property is used for agricultural purposes, apply for the Agricultural Real Property classification,” Descy said.
Homestead Exemption
South Carolina’s Homestead Exemption provides a tax break for property owners who are age 65 or older, totally and permanently disabled, or legally blind by exempting the first $50,000 of their primary legal residence’s value. Descy urges residents who might qualify but have not yet applied for the Homestead Exemption to contact the Richland County Auditor’s Office at 803-576-2610 or 803-576-2611, as this exemption is not automatically noted on the reassessment notices.
The purpose of reassessment is not to increase taxes, but to distribute them more fairly among all real property owners. It’s important to note that if property values increase, it does not necessarily mean taxes will rise. In fact, approximately 72 percent of property owners will benefit from a mandated 15 percent cap in taxable value.
