Richland County is getting more valuable. How will that affect your property tax bill?
Richland County has gotten more valuable in the last five years — with more than 70% of properties seeing an increased value of at least 15% over the last half-decade. But what do those higher property values mean for your taxes?
Your taxes might go up, but if and by how much will depend on how millage rates are set in October, said Fred Descy, Richland County assessor. But right now, it’s unclear exactly how these new property values will impact taxpayers.
“As you can tell, values have gone up over the last five years,” Descy said. “They started spiking especially during the pandemic and kept going up.”
The county assessor reevaluates property values on a five-year cycle, according to state law. Those property values go into a formula that, combined with taxes imposed by local school districts and municipalities, determine how much a resident will have to pay in property taxes.
In Richland County, most property owners are seeing at least a 15% increase in how much that property is worth, Descy said. The county must send a notice to anyone whose property value increases by at least $1,000. Out of 184,000 properties, 138,700 got a notice. Of the properties that got a notice, about 134,000 increased by at least 15%, Descy said, but he added that doesn’t necessarily mean significantly higher taxes.
The taxable value of a property can only go up 15% during an assessment, according to state law. For example, if in 2019 a property was valued at $100,000 and in 2024 it’s valued at $200,000, the homeowner will only have to pay taxes on $115,000.
Descy said he’s been fielding calls from residents who think the assessment notices are new tax bills, but he stressed that the assessment notices are not bills and the values listed are not what the resident owes in taxes.
“We don’t know what your tax (bill) is yet,” Descy said. “We can give you an estimator with last year’s millage rate, but those millage rates are going to change.”
Residents won’t find out if, or by how much, their property taxes go up until millage rates are set in October by Richland County Council. Those millage rates support area school districts, local governments, the Riverbanks Zoo, landfill operations and more.
Residents can use the 2023 millage rates to estimate their potential property taxes based on their updated values using an online tool.
Property value notices began going out Aug. 16, Descy said. Residents have 90 days to appeal their new assessed value and must file a written objection with the assessor’s office. An online form is available to make that appeal. The assessor’s office can be reached at 803-576-2640.