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South Carolina Real Property Valuation Reform Act of 2006
This act created what is called an Assessable Transfer of Interest (ATI). An ATI is defined as a transfer of an existing Interest in real property that subjects the real property to appraisal. For purposes of this definition, an existing interest in Real property includes life estate interests. SC Code of Law Section 12-37-3150(A).
Additional information on ATI’s
South Carolina Codes of Law limit increases in value to 15% within a 5 year period.
However, under section 12-37-3130(1) additions and improvements are exempt from the 15% cap and will be added at the Current market value.
Improvements do not include minor repairs or repairs or reconstruction of a structure damaged or destroyed by a disaster, to include, but not limited to:
- Construction defects
- Defective materials
- Fire
- Wind
- Hail
- Flood
- Acts of God
Construction of facilities in a home that makes the home handicapped accessible is not an addition or improvement if the utility and function of the structure remains unchanged.
Frequently Asked Questions
How is my property reassessed?
The County Assessor's Office maintains information on each property located in the County, including size, square footage, location and certain amenities. The County Assessor also has copies of building permits, which provide additional information about the property.
To find the value of any piece of property, the County Assessor's Office must know the price for which properties similar to it are selling, what it would cost today to replace, how much it takes to operate and repair, what rent the property may earn, and other facts affecting its value, such as the current rate of interest charged for borrowing the money to buy or build properties.
Along with this information, the Assessor's Office will determine the property's value considering three different approaches:
- Sales Comparison Approach - Compares subject properties to like properties in the same area, which have sold recently. The sales comparison approach usually is the most reliable way of determining value of residential property.
- Cost Approach - Value is assigned based on how much it would cost, at current material and labor value, to replace the property with one that is similar.
- Income Approach - The evaluation of how much income the property would produce if it were rented. This approach considers the rent a property may earn, vacancy rates, operating expenses, maintenance costs, and the current interest rate charged for borrowing money to determine the value by the income approach.
All real property appraisers are trained in appraisal techniques and are licensed by the South Carolina Department of Labor, Licensing and Regulation.
Note: The Assessor's Office does not create value. The principle of supply and demand is the largest single factor in determining a property's worth.
Will I be notified of the new value?
YES. An Assessment Notice will be mailed to all real property owners in the months prior to tax bills and will reflect the name of the legal owner as of December 31st. The assessment notice is NOT A TAX BILL. The notice is simply to make taxpayers aware of a change in their property value or classification.
What if I disagree with my property value?
If, after receiving your assessment notice, you disagree with the new value assigned to your property, you have the right to appeal. An appeal must be filed, in writing, within 90 days of the mailing of the assessment notice. You must file your appeal with the Dorchester County Assessor's Office. Do not wait until your tax bill arrives to appeal your new value; it may be too late.
Will my taxes increase?
This is the number one question about Assessment Notices. However, there is not an easy answer. From the information available at the time Assessment Notices are sent, taxes cannot be estimated. The assessment is only one piece of the formula to calculate taxes. Since the value of all parcels are changing, the remaining part of the formula will not be known until approximately November. It would not be accurate to use last year’s formula to estimate taxes.
How Can I “Win” an Appeal?
You can “win” an appeal and have the County’s appraised value changed by deriving a value of your own and proving it.
Note: If you hire someone to represent you in an appeal, you must file a Form SC2848 for the County to recognize that person as your representative. An appraiser cannot be your advocate in the hearings.
Remember, an appraisal is an opinion of value. The more evidence you have to support your opinion, the stronger your case will be.
How is property taxed?
The South Carolina Constitution provides for the following ratios to be applied to the market or use value of property to arrive at the assessed value:
- Your home (legal residence) 4% if applied for and application approved
- Second home (or any residential property where you do not live) 6%
- Vacant Land 6%
- Agricultural real property (privately owned) 4%
- Agricultural real property (corporate owned – 10 or more Share Holders) 6%
- Commercial Real Property 6%
- Manufacturing Real and Personal Property 10.5%
- Utility, Real and Personal Property 10.5%
- Personal Property 10.5%
- Motor Carriers, railroads, airlines and pipelines real and 9.5%
- Personal Property
How do I get the best tax rate for my home?
If you own a home, you want to be sure to obtain the 4% assessment rate if you live in the home as your legal residence. Otherwise, your tax rate will be 6%. The amount of the savings will vary depending upon the millage rate for school operating costs in the school district where you live. To obtain the lower rate, you will need to complete an application with the County Assessor's Office. This should be done as soon as you move into your house. Once you file this application, you will not need to complete another one, unless ownership changes or the County Assessor's Office believes use of the property has changed.
Agriculture Property
A property may be taxed at a lower rate if it contains 5 acres of timberland or 10 acres of cropland and is used for a bona fide agricultural use. For non-timberland parcels of less than 10 acres, the property may still qualify if the owner or person making the application earned at least one thousand dollars of gross farm income for three of the last five years. The assessor may require the applicant to give written authorization consistent with privacy laws allowing the assessor to verify farm income from the Department of Revenue or the Internal Revenue Service and to provide the Agriculture Stabilization and Conservation Service (ASCS) farm identification number of the tract and allow verification with the ASCS office. The owner or agent must apply for this discount before the first penalty date for taxes due for the first tax year in which the special assessment is claimed. Once you file this application, you will not need to complete another one, unless ownership changes or the County Assessor's Office believes use of the property has changed. The owner shall notify the assessor within six months of a change in use. For failure to notify the assessor of a change in use, in addition to any other penalties provided by law, a penalty of ten percent and interest at the rate of one-half of one percent a month must be paid on the difference between the amount that was paid and the amount that should have been paid, but not less than thirty dollars nor more than the current year's taxes. Applications are available in the County Assessor's Office.
Real Estate Developers
A developer may qualify for the multi-lot discount if each of the lots have identical ownership and the developer owns more than 10 undeveloped lots in a subdivision. Lots with mobile homes are considered improved. The owner or agent must apply for this discount on or before May 1 of each tax year. Applications are available in the County Assessor's Office.