Reassessment and State Law

The Richland County Assessor’s office is mandated by State law, section 12-43-217 to reassess all property in the County every five years. This reassessment will occur in 2009. Of the 165,000 plus properties, there will be those properties that will increase by a sum greater than $1,000. Therefore, in accordance with State law, we will send a Notice of Classification, Appraisal and Assessment of Real Estate on or after March 2009.

The South Carolina Real Property Valuation Act of 2006 mandates a 15 percent cap on all property, except if there has been an assessable transfer of interest beginning after 2006. In these cases, the sales price or fair market value will be used in the valuation of your property. The Notice of Classification, Appraisal and Assessment of Real Estate will give you instructions as to your right to appeal. The law requires that the millage be rolled back into an equivalent millage, so that the County will not receive any additional revenue. Additionally, there is a cap on revenue by virtue of State law 6-1-320(A). The cap on revenue is calculated by an inflation factor, such as the CPI, plus population growth. For example, for tax year 2008, the increase in the millage was capped at 4.70 percent – CPI plus population growth.

For more detailed information and to provide answers to many questions that you may have, we have prepared "Your Guide to the 2009 Reassessment Program".