Fountain Inn Residents Face Increased Property Tax Bills in 2024

Fountain Inn Residents to See Higher Property Tax Bills in 2024

Hey there, Fountain Inn! If you live on the Laurens County side, you might want to brace yourself for some news about your property tax bills. According to the local Tax Auditor’s Office, upcoming property tax bills are set to be a bit higher than what you saw last year. So, let’s dive into the details and see what this all means for you and your wallet!

What Happened?

Last year, many property owners enjoyed a nice 10 to 20 percent tax break, all thanks to a little mathematical hiccup that took place in 2023. Officials admitted there was an error while calculating the Local Option Sales Tax (LOST) Credit, which led to lower tax bills for both residents and businesses in the area.

Back to Reality

When those new tax bills arrive next month, you can expect them to revert back to the rates you saw in 2022. This means that if your tax bill was $1,000 two years ago, it was likely around $800 last year, but buckle up because it’s going to head back to that original $1,000 this coming year! The mayor of Fountain Inn, GP McLeer, emphasized that this change is not due to any new tax hikes from the city or county councils, but rather the result of the correct calculations being applied this time around.

For Those with Mortgages

If you have a mortgage and escrow your payments, this news could also affect you. Evidently, mortgage companies base their escrow payments on the taxes they have to pay for your property. So, if your tax bill was lower last year, your mortgage payments might have taken a dip too. Prepare for a potential increase in your property taxes as well as in your mortgage payments this upcoming year!

The Bigger Picture

It turns out the city has taken quite a hit in revenue during this time. Mayor McLeer mentioned that the city lost out on over $400,000 in expected revenue because the correct property taxes were not collected. But don’t worry! Thanks to some savvy budgeting strategies, the city remains in solid financial standing, so residents can breathe easy knowing that there should be no reductions in city services or programs.

What Should You Do?

You won’t be getting rebilled for your property taxes from 2023, which is some good news. However, if you have any questions or concerns about your property tax bill when it arrives, the Laurens County Auditor’s Office is ready to help. You can reach out at (864) 984-2535. They’re there to answer any questions you might have.

Wrapping Up

While tax bills can be a drag to think about, it’s essential to stay informed and prepared. By keeping track of these changes and understanding what impacts your payments, you can manage your finances better in the coming year. So, mark your calendar for when the bills roll out next month and keep an eye on your mail. Here’s to hoping for a smooth transition back to regular rates for everyone in Fountain Inn!