According to SC Code of Laws, all real property will be reappraised once every 5 years and adjusted to a current fair market value as of December 31st of the year before implementing the reassessment. Assessed value cannot increase more than 15 percent over a five-year period unless the property is sold. When a property is sold, it is reassessed and the revised assessment is based on the sales price. This is why so many homeowners who have purchased homes that were sold by original owners are seeing large increases after they purchase. Note that major remodeling and renovations can also trigger an increase.
No comments:
Post a Comment