If you are a homeowner in South Carolina, chances are you have or will be getting a tax assessment in the mail. It is not a bill, but many of you have contacted us wanting to know how the change in your home value affects your bottom line.
Every 5 years your county will reassess your property value. Greenville County is going through one right now.
“As long as everyone’s getting it, and I’m not just being singled out,” said Greenville homeowner Deana Palmieri, with a laugh.
She says her notice shows her taxable market value on her McDaniel Avenue home increased by double digits. But since it’s”not a tax bill” her question is:
“What does that mean to my taxes, that’s my biggest question.”
If you want an estimate of how much your bill will be, here’s the general rule. For every $10,000 that your taxable market value has increased, you’ll be paying $80 more.
So if your home was assessed at $200,000 and it’s gone up to $220,000, you’ll likely pay $160 more a year.
Don’t have your old assessment notice? Don’t worry. Each county has an easy method for you to look that up online. In Greenville, you can find yours under “real property search” by typing in anything from your street address to your tax map number.
If you don’t like the bottom line? You have 90 days to fight it. We asked Debbie Adkins with the County what makes for a successful appeal.
“Two things, one a good description of the property, has it ever been renovated, has it ever been updated, is it a still a 1960s house. And then what are things selling for around them,” she said.
If your assessment went down and you want to keep the taxable value up, you can ask for that, too, and she said they probably won’t turn down someone wanting to pay more taxes.
Palmieri isn’t looking to appeal. But she’s glad to have a better understanding of what this document means to her bottom line.