Jul
18

New Richland County Property Owners Get Tax Notices

By
July 17, 2008

Notices go out Friday to more than 10,000 new property owners in Richland County, letting them know they must pay 2008 taxes.

This is the first year for a new state law requiring people to pay property taxes the year after they buy or inherit a piece of property.

Taxes are based on the sales price, which almost always translates into a higher tax bill than before the land or building was sold, said Richland Assessor John Cloyd. Previously, a new owner’s first-year taxes were based on the prior assessment of their home.

Cloyd estimated the county will receive $6.6 million in additional revenues this year from the change.

While 10,032 property owners will get notices from Cloyd in the coming days, they won’t know how much they owe the county until property-tax bills go out in November.

Cloyd said property transactions added about $64 million to the county’s tax rolls.

LINK TO ARTICLE HERE:

http://www.thestate.com/136/story/463638.html

BLOG NOTE:
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The SOUTH CAROLINA REAL PROPERTY VALUATION REFORM ACT of 2006 provides that any increase in the fair market value of real property attributable to the periodic countywide reassessment program is limited to fifteen percent of the prior year’s fair market value. However, this limit does not apply to the fair market value of real property when an assessable transfer of interest (ATI) occurred in the year that the transfer value is first subject to tax. This means that all property sold in 2007 determined to be an ATI will be reassessed for 2008. Shortly, the owners of such properties will be receiving a “Notice of Classification, Appraisal & Assessment of Real Estate” showing the ATI value for 2008 with the reason for change being “ATI-Qualified Point of Sale”.
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MBD
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