Jul
07

Unscheduled Reassessment to Hit Some Property Owners

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By Scott Miller – Charleston Regional Business Journal

Charleston County notified about 31,000 “not natural” property owners at the end of June that they might be subject to an unscheduled tax reassessment.

“Not natural” owners are people who own real estate through a legal entity, such as a corporation, partnership, limited liability company, unincorporated association or trust.

Per the state’s tax reform act of 2006, all property sold as of January 2007 is reassessed the next year regardless of when the sale falls in a county’s five-year reassessment cycle. The property could be reassessed again during the regularly scheduled five-year assessment.

“Small-business owners may have no idea this is coming. I think there’s going to be a lot of questions,” Charleston County Assessor Toy Glennon said.

Business mergers, stock trades and land zoning changes, for example, could subject “not natural” owners to unscheduled reassessments.

Other transfers also could subject properties to reassessment, including the distribution of property through a will or trust.

The county’s letters define property transfers that could lead to reassessment. For the first time, every county must send similar letters this year.

LINK TO ARTICLE HERE:
http://www.charlestonbusiness.com/dailyjournal/3_182/full-issue.html#12351

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