By Paul Gable
Horry County will not have to change the value of a property tax mill as a result of property reassessment.
Final reassessed property values countywide came to within approximately 2% of former values so Horry County staff could do some juggling and hold the line on the county’s recently approved Fiscal Year 2015 budget.
But, that does not mean there will not be both winners and losers when tax bills go out. Some property taxes will go up and some will come down relative to prior years’ tax bills. In fact, there will be a distinct shift in tax revenues in the county.
In general, reassessed property values rose in the western parts of the county while they declined in the eastern portion.
For example, property values in and around Loris increased approximately 10% as a result of reassessment, according to preliminary information we have received.
There are always winners and losers due to reassessment, but I find that one hard to process. Nothing has happened in the Loris area to cause a general rise in property values, especially in these difficult economic times.
However, the new assessed values are not written in stone yet. There is a challenge process to property values that property owners can take advantage of if they believe the reassessed value is unfair. Some county officials believe this will be a banner year for challenges to reassessed values.