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Understanding your 2007 Property Reassessment Notice
     
 
 
October 5, 2007

Aiken County property owners have received their 2007 reassessment notices this week and there have been several questions concerning these figures.

The reassessment notice is not a tax bill, but simply a way to notify property owners about a change in their property's value. Some property owners mistakenly interpret the total assessment as the amount of their taxes, however their taxes will be a small fraction of the total assessment.

State law gives property owners 90 days to file an appeal with the County Assessor’s Office if they disagree with the assessed value. The Assessor's office can be contacted at 803-642-1583.

The following is a brief explanation of each column on the reassessment notice.

Download a Sample Assessment Notice

FAIR MARKET VALUE: This is the most probable price which a property should bring in a competitive and open market. The fair market value for this reassessment was based upon the sales for 2005.

CAPPED OR AG VALUE: The capped value is derived by taking the market value from tax year 2006 (base year for cap) and multiplying that number by 15%. (SC Title 12-37-3140 (B)) This is part of the South Carolina Real Property Reform Act for 2007.

Simple Example:

Tax year 2006 fair market value: $100,000
Tax year 2007 fair market value: $200,000
Capped value for 2007 : $115,000 (amount that your taxes will be based upon)

*If fair market value did not exceed the 15% cap then the fair market value would be what your taxes will be based upon.

Taxes are based upon the lower of the 2 values. Either the capped or the fair market.
Ag value is that value for property that qualifies for agricultural use.

TOTAL ASSESSMENT: Total assessment is either the market or capped value multiplied by your assessment ratio (4% for owner occupied properties and some agricultural property . 6% for all other properties)

Simple Example for owner occupied property:

Tax year 2006 fair market value: $100,000
Tax year 2007 fair market value: $200,000
Capped value for 2007 : $115,000 (amount that your taxes will be based upon)
$115,000 (capped value) x.04 (assessment ratio) = $4,600 (total assessment)*

*THIS IS NOT THE AMOUNT OF TAXES THAT YOU OWE*

Once the millage rate has been determined, you would multiply it by the total assessment to determine the approximate amount of taxes that are owed. The millage rate is determined by county council and the school board.

$4,600 (total assessment) x millage rate = ( approximate amount of taxes owed)
 
 
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