News Summary
Residents in Lexington County should prepare for increased home values and property taxes in 2025 due to a mandated five-year reassessment. Assessor Rick Dolan announced that evaluation notices will be mailed in spring 2025, reflecting significant changes in the housing market since 2020. With property sales peaking at a median price around $400,000, homeowners may see their taxable values rise, although state law caps increases at 15%. Concerns persist over tax liabilities even as the process aims to align assessments with current market realities.
Lexington, South Carolina – Residents of Lexington County should anticipate an increase in home values and property taxes in 2025 as a result of a mandated five-year property reassessment. County Assessor Rick Dolan has announced that assessment notices will be mailed to homeowners in the spring of 2025, signaling a change in the taxation landscape for property owners in the area.
The reassessment process, which gathers data on property sales transactions from the preceding year, will reflect significant fluctuations in the housing market. This is the first reassessment since 2020, as state law requires counties to conduct these evaluations every five years. Consequently, property values have been rising, particularly due to recent trends in the real estate market.
In the first quarter of 2020, the median sale price for homes in Lexington County was approximately $150,000— a significant drop from over $200,000 the previous year. However, by late 2022, home sales surged, peaking with a median sale price of around $400,000. This dramatic rise is expected to be a key factor influencing the upcoming property assessments.
Due to increasing demand for housing in Lexington County, partly fueled by the region’s growing population and limited new developments, property values are on an upward trajectory. These changes will be reflected in the reassessment, especially for properties that have changed ownership in recent years. As the market has shifted, owners who purchased homes in a more competitive environment will see their new sale prices affecting their taxable values in the reassessment.
According to South Carolina law, the increase in a home’s taxable value is capped at a maximum of 15%. This measure is designed to mitigate tax implications for homeowners despite the rising trends in property values. In cases where homeowners believe that their assessed values exceed this cap or are otherwise unjustified, the law provides a process for appealing the assessment.
Homeowners will receive a tear-off notice with their assessment that allows them to appeal within 90 days of receiving their notice. This appeal process enables property owners to schedule discussions with the assessor’s office, where they will review the assessed value compared to true market value. For those dissatisfied with the outcome, further appeals can be taken to the Board of Assessment Appeals or in court.
Several residents have found success in contesting assessments that exceed the 15% increase cap, as highlighted by local realtors who encourage property owners to challenge any high assessments aggressively. However, homeowners are advised to be proactive, as they will have no option to appeal once the property tax notices are issued at the end of 2025.
The upcoming reassessment has generated some concern among residents about potential increases in their tax liabilities. However, Lexington County Auditor Chris Harmon has clarified that the assessment process is not intended to generate additional tax revenue for the county. Instead, the intention is to ensure that property taxes reflect the current market values accurately while adhering to state mandates.
The complexity of the reassessment process is heightened by the distinct tax rates applicable to various municipalities and school districts within Lexington County. This complexity can affect how property values are calculated, ultimately impacting the tax obligations of residents across the county.
As the reassessment process approaches, residents should prepare for an examination of their property values and the potential implications for their tax bills. The combination of rising home prices, constrained building developments, and scheduled reassessments marks a pivotal moment for property owners in Lexington County.
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Additional Resources
- The State: Home Values Rise
- Wikipedia: Property Tax
- Post and Courier: Lake Murray Estate Sales
- Google Search: Lexington County property taxes
- Columbia Business Report: Lake Murray Estate Record Price
- Google Scholar: Lexington County real estate
- WLTX: New Shopping Plaza near Lexington High School
- Encyclopedia Britannica: Real Estate Market
- SC Daily Gazette: Developer Deals
- Google News: Lexington County tax assessments
