Lexington County Residents Brace for Home Value Reassessment in 2025
Residents of Lexington County are preparing for potential changes to their home values and property taxes as local officials finalize a reassessment process. This evaluation, conducted every five years, will be impactful as the county considers the changing market conditions that have surged since the last assessment in 2020.
What to Expect and Timeline
Come spring of 2025, Lexington County will begin mailing out notices to residents regarding the new property values, according to county assessor Rick Dolan. The current reassessment aims to account for property transactions that took place throughout the calendar year of 2024. Previously, property values were significantly affected by fluctuations in home sales, with the median sale price starting at around $150,000 at the beginning of 2020, peaking at approximately $400,000 by late 2022.
Why Changes Are Happening
The steady increase in home sales prices highlights a broader trend in the housing market. Morris Lyles, a local realtor, attributes this to greater demand than the available supply. Many residents express concerns regarding new developments due to potential increases in traffic and other community issues.
“Nobody wants all these new neighborhoods because of traffic and other concerns, but if you have more people without new houses, the demand outpaces the supply,” Lyles explained. This scenario has certainly led to rising property values across various local communities.
Property Tax Implications
Even with an increase in assessed value, home and property owners may not face drastically increased tax bills. South Carolina law limits property tax increases to 15%. For example, if a home originally valued at $100,000 in 2020 is now valued at $200,000, the taxable amount for that property would only rise to $115,000.
According to Chris Harmon, the Lexington County Auditor, the reassessment process is not designed to generate excessive tax revenue for the county. Instead, adjustments in tax rates can be made by local governments to ensure that residents are not overcharged.
Appealing Assessments
Homeowners who believe their new assessments are too high have the opportunity to appeal within 90 days after notices are sent out. Delaying may result in missing the opportunity to contest the assessment before tax bills are issued at the end of 2025. The assessor’s office encourages residents to utilize the tear-off portion on the notices to submit their appeal, allowing for further discussion regarding the assessed value.
If residents remain dissatisfied after discussions with the assessor’s office, they can escalate their case to the board of assessment appeals or pursue legal action if necessary. Lyles suggests that past clients have successfully contested assessments that exceeded the legal cap of 15%, indicating that appealing could be worthwhile for homeowners aiming for a reduction.
Conclusion
As Lexington County navigates this important reassessment process, community members will need to stay informed about their property values and understand their options for managing potential tax implications. Homeowners are advised to be proactive and engage with the reassessment process to ensure their interests are well-represented.
Author: STAFF HERE MYRTLE BEACH
The HERE Myrtle Beach Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Myrtle Beach community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background Local Roots in Myrtle Beach Our team includes lifelong Myrtle Beach residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent developments along the Grand Strand, Myrtle Beach’s tourism and hospitality industry, and growth in local education sectors (e.g., Coastal Carolina University programs). Collective Experience With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Myrtle Beach Area Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
