York County will begin mailing “Notice of Assessment” letters to York County SC property owners this month. Your property is reassessed every 5 years or sooner if you make improvements or transfer (buy) property. The last County 5 year reassessment was in 2006. There is a good chance your home value in Fort Mill, Rock Hill, Tega Cay, Lake Wylie, Clover, etc will show an increase this year.

What? My property re-assessment notice from York County may show an increase this year? I thought homes have decreased in value in the last couple years! So why the higher property assessment values this year?

Since the last reassessment was done in 2006, property values were based on market and sales activity in 2003 and 2004. The market continued to experience property value increases in years 2006 – 2008. Your reassessment will most likely be higher if not adjusted since 2006. In fact, Herald reporter Jamie Self stated in an article, 77% of York County property values are worth more than they were in the 2006 assessment.

Some relief comes from a 2006 “Real Property Tax Reform Bill” Act 388. There are some guidelines in the bill that may help limit your reassessment increase or tax impact

The bill caps the increase in value on a property at 15% over a five year period unless there is an “Assessable Transfer of Interest” (meaning the home was sold, bought, or transferred) or additions and improvements.

Because of the increase in values during reassessment, state law requires that local government reduce the millage rate to what is called a “rollback millage.”

Here are some tips from the York County Assessor’s office in reviewing your Notice of Assessment

• Is the information correct on your notice?
• If this is you primary residence, is it taxed at an assessment rate of 4% instead of 6%?
• Is it showing the correct number of buildings and acreage?
• Does the value of the land and buildings reflect the properties true market value? (The price that your property would sell for on a fair and open market, with a willing buyer and willing seller.)

When you receive your “Notice of Reassessment” and you disagree with the reassessment, you will have 90 days to file a written notice of objection to the County Assessor’s Office. I provided a copy of the County’s form here. York County Notice Of objection

If you have more questions about your assessment or the reassessment process, I added a handy link to 2 York County help documents:

YC ReAssessment FAQ

York County SC Reassessnent

Or visit the York County Assessor’s Office website.

2009 property tax rates have been established and tax bills are going out for all cities in York County South Carolina including Clover, Fort Mill, Tega Cay, and Rock Hill. Not surprisingly, several cities have increased property taxes again. There are a few cities where millage rates are flat or actually lower.

Fort Mill and Tega Cay have the largest increase in millage rates. If your property is assessed at a 4% rate (primary residence) your millage rate has increased 10.6% in Fort Mill and 9.5% in Tega Cay. If your property is assessed at 6%, your millage rate increase is approx 7% in both cities.

Rock Hill’s 4% millage rate actually decreased 2% if you live in a non “Special Landscape District”. What part of Rock Hill is a Special Landscape District? Generally in the Dave Lyle and I-77 area according to the City of Rock Hill Economic Development Dept. Here is a map showing the “Special Landscape Area” from Rock Hill. LMD boundary map with parcel ID5.

Clover and York 4% assessment millage rates were flat from 2008.

York County 2009 millage rates PDF

What is a millage rate? What is the difference between a 4% assessment and 6% in York County SC? And how, overall, is your property tax calculated in York County SC?

Basically your taxes are calculated by multiplying three items, which are:

1. An appraised value of your home.
2. An assessment ratio.
3. A city/county millage rate.

The sum of these three items equals what you owe in home property taxes.

To get more on how your taxes are calculated and definitions, see my article “It’s Property Tax Time in York County SC – Fort Mill, Tega Cay Raise Millage Rates”

Here are examples on how to calculate property taxes and last year’s tax value comparisons for Fort Mill, Tega Cay , and Rock Hill:

4% Primary Residence Assessments:

• Example: $100,000 property value in the City of Fort Mill  ($100,000 x 4% x 0.223 = $ 892.00 versus $806.40 in 2008).
• Example: $100,000 property value in the City of Tega Cay ($100,000 x 4% x 0.223 = $892.00 versus $814.40 in 2008).
• Example: $100,000 property value in the City of Rock Hill (non special landscape district) ($100,000 x 4% x 0.213 = $852.00 versus $870.00 in 2008)($100,000 x 4% x 0.216.7 = $866.00 Special Landscape District).

6% Assessment Examples:

• Example: $100,000 property vaule in the City of Fort Mill ($100,000 x 6% x 0.3914 = $2,348.40 versus $2,190.00 in 2008).
• Example: $100,000 property in the City of Tega Cay ($100,000 x 6% x 0.3194 = $2,348.40 versus $2,202.00 in 2008)
• Example: $100,000 property in the City of Rock Hill ($100,000 x 6% x 0.380 = $2,285.40 versus $2,276.00 in 2008 (non special landscape district).

Will your property tax bill be higher this year? It will depend on 3 factors;

1. Your property’s appraised value.
2. If the millage rate increased in your area.
3. And if your property’s assessment ratio status changed (6% or 4%).

For further property tax information assistance, you can contact the York County’s Tax Assessors office.

Scott Miller For Carmen Miller

It is tax time and you should be receiving your York County, SC property tax bill for tax year 2008. (here is 2009 Milage rate Chart) I know Carmen occasionally receives property tax questions from home buyers so I thought this would be a good time to pass on local property tax information.

So how are home property taxes assessed and calculated in York County SC? Basically your taxes are calculated by multiplying three items which are:

1. An appraised value of your home.
2. An assessment ratio.
3. A city/county millage rate.

The sum of these three items equals what you owe in home property taxes.

The county re-assesses home values every 5 years. If you purchased your home recently the county may assess the value of your home based on the current sale or transaction value. But if no changes have occurred on your property like a sale or deed change the next re-assessment will be 2010.

Here is good news with bad. In 2007, the state passed a tax swap bill that cut the school taxes assessed on home property taxes but increased the states sales tax to make up the loss. Click here to see my tax swap post last December. Many of you had a property tax reduction on your tax bill last year that continues this year. But many cities in York County increased millage rates this year. Here is a quick millage rate increase comparison.

Below I took the info from the York County Tax Assessors website and slightly modified the explanation and updated the example calculations. Pay special attention to the assement ratio information. Many new home owners do not apply for the special assessment ratio and end up paying too much tax.

How to Estimate Real Estate Taxes
Assessment Ratio Information:
1. If you live in the home you own, the assessment ratio is 4%. You will not receive the special assessment ratio under “Primary Residence” unless you apply with York County. You can call the Assessor’s Office to obtain an application form or download the form on the county web site www.yorkcountygov.com.

2. All other properties will be assessed at 6%, except for manufacturing properties which are assessed at 10.5%.

Millage Rates are determined yearly by various taxing authorities, such as the County Government, the City Government, the School Districts and all Fire Districts. (See 2008 millage rate chart.) (see York County 2009 milage rates)

Tax Amount is the final dollar amount that appears on your real estate tax bill.

The formula to calculate your Home’s Property Taxes is:
Appraised Value x Assessment Ratio x Millage Rate = Taxes

Following are examples of how to estimate taxes:
(A) All properties that qualify for the 4% owner occupied/legal residence rate. Multiply the appraised value by 4% to determine the assessment. Then multiply the assessment by the millage rate for total taxes.

Example: $100,000 property in the City of Fort Mill
$100,000 x 4% x 0.2016 = $806.40

Example: $100,000 property in the City of Tega Cay
$100,000 x 4% x 0.2036 = $814.40

Example: $100,000 property in the City of Rock Hill
$100,000 x 4% x 0.2175 = $870.00

(B) All other properties (except manufacturing). Multiply the appraised value by 6% to determine the assessment. Then multiply the assessment by the millage rate for total taxes.

Example: $100,000 property in the City of Fort Mill
$100,000 x 6% x 0.365 = $2190.00

Example: $100,000 property in the City of Tega Cay
$100,000 x 6% x 0.367 = $2202.00

Example: $100,000 property in the City of Rock Hill
$100,000 x 6% x 0.3794 = $2276.00

Home property taxes are due beginning September 30th. You have until January 15th to pay your taxes without penaties.  To get more infomation go to the York County SC webste.

Link to the Assessors webpage

Link to the Tax Collectors webpage

The Tega Cay city council is working on transferring $320,000 from the Parks and Recreation budget to finish the Glennon Center. Residents passed a $3.1 million bond in 2006 for the new center. But because of rising construction costs the bond amount fell short of the actual construction costs and the city needs more cash to complete the center.

The city council considered building a smaller center but opted to keep the center at it’s planned size and not finish the basement interior. The additional cash will allow half of the basement to be finished for use.

The transfer of money from one depart to another is not without controversy. The concern is whether the left over money in the Parks and Recreation budget will fund park projects slated for the new Glendale development. The city hopes the increased tax revenue from retailers like the Tega Cay Wal-Mart and the Stonecrest development will help fund other future projects.

To read more about the Tega Cay money transfer, see Fort Mill Times Jonathan Allen February 6th story.

I don’t hear much talk from home owners about the South Carolina property tax cut that went into effect fall 2007. Carmen and I were happy after looking at our lower property tax bill a few months ago. I did a Google search today and found  a couple articles about the tax cut. Mike Terry, a Mount Pleasant real estate agent, had a blog post about the tax cut or should I say tax swap. Here is a portion of his post:

South Carolina Homeowners get a tax cut
Posted at Charleston’s Home Port by Mike Terry
Sep. 4, 2007

WHAT THE TAX SWAP MEANS TO YOU
A recent study by the Strom Thurmond Institute at Clemson University analyzed how the tax swap a 1-cent-a-dollar increase in the state’s sales tax to pay for property tax relief on owner-occupied homes would affect homeowners and renters. Here’s what the study concluded:

Most homeowners will pay less in taxes. The increase in the amount of sales tax for most homeowners will be less than the property tax relief they’ll get.

All renters will pay more in taxes. Rental housing does not qualify for property tax relief under the bill. But everyone, renters included, will pay more in sales taxes.

Homeowners in school districts with higher property tax rates will receive more tax relief than those with lower tax rates.

Homeowners with modest incomes and modest homes will benefit less than homeowners with higher incomes and more expensive homes.

Click to read more of Mike Terry’s blog post about the tax cut.

I found another article via the associated press in the Aiken Standard on line post.

When I have discussed this topic with neighborhood friends, most like the lower property taxes but are concerned about properly funding the schools. State economists claim the tax swap will more than pay for the property tax offset. Time will tell. But lower property taxes is another good reason to relocate to South Carolina.