Home Values on the Rise in Lexington County: What It Means for Residents
Lexington County residents, get ready for some news that could impact your wallets in the upcoming year—your home values may be seeing an uptick, and so could your property taxes. As the county wraps up its five-year reassessment process, many homeowners are left wondering how these changes will shake out.
Understanding the Reassessment Process
Every five years, under South Carolina law, the county assessor is tasked with taking a fresh look at property values throughout Lexington County. This process not only gives a clearer picture of the real estate market but also determines how much residents will need to shell out for property taxes. According to county assessor Rick Dolan, residents can expect notices to hit their mailboxes come spring 2025.
The last reassessment happened back in 2020, and this next round will be based on property transactions recorded in 2024—so the numbers are bound to reflect the current market conditions. Meanwhile, folks in neighboring Richland County have already gotten a sneak peek at their reassessed property values earlier this summer.
Home Sales: A Trend on the Rise
If you’ve been eyeing the real estate market, you might have noticed something exciting: the median sale price of homes in Lexington County has skyrocketed in recent years. Data from the South Carolina Association of Realtors reveals that, at the beginning of 2020, the median sale price was hovering around $150,000. This was a dip from a peak of over $200,000 in 2019. However, fast forward to late 2022, and the median sale price soared to approximately $400,000!
So what’s causing these dramatic price fluctuations? Realtor Morris Lyles from ERA Wilder suggests the answer lies in simple economics—supply and demand. “The area is growing,” he observed. Local policies have aimed to limit new developments, which creates a scenario where “we have more demand than we have supply.” With more folks wanting homes than there are homes available, it’s no surprise that prices are on the rise.
What Does This Mean for Your Taxes?
Now, before you start worrying about how much more you might have to pay in property taxes, it’s important to know that not every reassessment will lead to a major jump in tax bills. According to state law, even if a homeowner sees a significant increase in their property value, the taxable value can only rise by a maximum of 15%. For instance, if your home valued at $100,000 in 2020 jumps to $200,000, you’ll only pay taxes on $115,000.
Chris Harmon, Lexington County Auditor, assures residents that the goal of the reassessment is not to create a windfall of cash for the county, but rather to balance tax rates fairly. However, the complexity arises from the fact that each municipality and school district sets its own tax rates, meaning calculations can vary.
What If You Disagree with Your Assessment?
If you do receive your reassessment notice and think your new value is too high, don’t fret—there’s a process in place! Homeowners will have a window of 90 days to file an appeal with the assessor’s office. It’s crucial to act quickly, as waiting until tax notices go out at the end of 2025 means you might miss your chance!
You’ll find a convenient tear-off portion at the bottom of your reassessment notice that you can send in to set up an appointment for a discussion. Dolan mentioned that at least two attempts will be made to reach an accurate market value for your property. If you’re still not satisfied, you can escalate your case to the board of assessment appeals—or even head to court.
Many homeowners have successfully appealed their assessments, especially those that exceed that 15% cap. Lyles always encourages his clients to explore this option—who knows, you might just win a reduction!
So, residents of Lexington County, keep your eyes peeled for those reassessment notices and prepare for what could be a shifting landscape in your property values and taxes in the year ahead!
