2023 TAX REASSESSMENT NOTICES COMING SOON TO BEAUFORT COUNTY PROPERTY OWNERS
South Carolina law requires counties to reassess real property every five years, and 2023 is a reassessment year in Beaufort County. In coming weeks, taxpayers should receive reassessment notices from the Beaufort County Assessor’s Office which will provide for a revised fair market value and a revised taxable value for their properties.
Notices are mailed to the addresses of record maintained by Beaufort County. The reassessment notices will not provide a total amount due. It is important for taxpayers to review their reassessment notices to verify that the fair market value assigned to their property is reasonable and that a cap, if applicable, is properly applied. Taxpayers have 90 days to appeal their reassessment notice. Tax bills are often remitted more than 90 days after the reassessment notices so taxpayers are likely unable to appeal their reassessment if they wait until their tax bill is received.
The market value assigned to a property should be the fair market value as of December 31, 2022. The taxable value is the value used to calculate tax bills and which can be less than the fair market value if a cap applies. It is anticipated that many properties will have capped values applied given the significant appreciation in the local market since the 2018 reassessment.
If a reassessment notice appears inequitable, taxpayers may file an appeal. Taxpayers can file appeals themselves, or they can enlist counsel to do so. There is risk in filing an appeal, however, as the Assessor’s office may increase the total assessment on the basis of an appeal. This is rare, however, it does happen and dictates that taxpayers should carefully consider the merits of an appeal before filing.
Taxpayers are advised to pay careful attention to their reassessment notices. Herman & Davis Properties can serve as a resource to discuss fair market value with taxpayers, and our Firm regularly reviews reassessment notices and files appeals on behalf of taxpayers.
Bret T. Pruehs, Partner, Hilton Head Island, SC – Real Estate & Corporate Law – 843-785-2172 – bpruehs@burr.com – www.Burr.com
