Lexington County Residents Brace for Home Value Reassessment in 2025
Residents of Lexington County are preparing for potential changes to their home values and property taxes as local officials finalize a reassessment process. This evaluation, conducted every five years, will be impactful as the county considers the changing market conditions that have surged since the last assessment in 2020.
What to Expect and Timeline
Come spring of 2025, Lexington County will begin mailing out notices to residents regarding the new property values, according to county assessor Rick Dolan. The current reassessment aims to account for property transactions that took place throughout the calendar year of 2024. Previously, property values were significantly affected by fluctuations in home sales, with the median sale price starting at around $150,000 at the beginning of 2020, peaking at approximately $400,000 by late 2022.
Why Changes Are Happening
The steady increase in home sales prices highlights a broader trend in the housing market. Morris Lyles, a local realtor, attributes this to greater demand than the available supply. Many residents express concerns regarding new developments due to potential increases in traffic and other community issues.
“Nobody wants all these new neighborhoods because of traffic and other concerns, but if you have more people without new houses, the demand outpaces the supply,” Lyles explained. This scenario has certainly led to rising property values across various local communities.
Property Tax Implications
Even with an increase in assessed value, home and property owners may not face drastically increased tax bills. South Carolina law limits property tax increases to 15%. For example, if a home originally valued at $100,000 in 2020 is now valued at $200,000, the taxable amount for that property would only rise to $115,000.
According to Chris Harmon, the Lexington County Auditor, the reassessment process is not designed to generate excessive tax revenue for the county. Instead, adjustments in tax rates can be made by local governments to ensure that residents are not overcharged.
Appealing Assessments
Homeowners who believe their new assessments are too high have the opportunity to appeal within 90 days after notices are sent out. Delaying may result in missing the opportunity to contest the assessment before tax bills are issued at the end of 2025. The assessor’s office encourages residents to utilize the tear-off portion on the notices to submit their appeal, allowing for further discussion regarding the assessed value.
If residents remain dissatisfied after discussions with the assessor’s office, they can escalate their case to the board of assessment appeals or pursue legal action if necessary. Lyles suggests that past clients have successfully contested assessments that exceeded the legal cap of 15%, indicating that appealing could be worthwhile for homeowners aiming for a reduction.
Conclusion
As Lexington County navigates this important reassessment process, community members will need to stay informed about their property values and understand their options for managing potential tax implications. Homeowners are advised to be proactive and engage with the reassessment process to ensure their interests are well-represented.
