News Summary
The Lexington County Council has decided to keep property tax rates unchanged for the upcoming fiscal year, ensuring no increase for homeowners. This decision reflects a commitment to maintain essential services while managing budget constraints. However, residents should remain aware of potential tax increases from local schools and municipalities. A property reassessment is also scheduled for 2025, which may affect property values. Homeowners can appeal if they find the assessments excessive, ensuring legal protections are in place.
Lexington, South Carolina – Property Taxes to Remain Flat This Year
The Lexington County Council has voted to maintain a flat property tax rate for the upcoming fiscal year, ensuring that homeowners will not see an increase in their county property taxes. This decision marks a continued effort by county officials to manage budget constraints while still providing necessary services to the community.
The proposed budget, which is set to be finalized in a third and final vote at the first council meeting in June, underscores a commitment to strategic financial planning and a cost-conscious approach. The council intends to hold departments accountable and maintain high service standards without adding financial burdens on homeowners.
While the county’s portion of property tax bills will remain unchanged, residents should be aware that potential increases may arise from other taxing entities, such as local schools and municipalities. This means that even though the county tax remains stable, homeowners could still face higher overall taxes due to rates set by other governing bodies.
Upcoming Reassessment of Property Values
Homeowners in Lexington County may notice changes to their property values in the near future due to a scheduled reassessment process, which is conducted every five years. The county assessor will reevaluate property values based on data collected from the market in 2024, with notifications to residents planned for spring 2025.
The last reassessment in Lexington County took place in 2020. The upcoming assessment is expected to reflect significant trends in the real estate market, particularly concerning median sale prices. Between early 2020 and late 2022, median sale prices for homes surged from approximately $150,000 to around $400,000. This steep increase has largely been driven by heightened demand amidst limited housing supply, which has been influenced by local government regulations regarding new developments.
Legal Protections for Homeowners
To mitigate sharp tax increases stemming from rising property values, South Carolina law restricts the increase in a home’s taxable value to 15%. Homeowners wary of potential reassessments they believe are excessive will have a 90-day window to appeal. The appeal process involves submitting a form included with the assessment notice, initiating a review of the property’s market value by the county assessor.
If a homeowner remains dissatisfied with the outcome following the assessor’s review, they can escalate the matter to the board of assessment appeals, or pursue legal avenues for further resolution.
Guidance for Taxing Agencies
The South Carolina Department of Revenue plays a key role in providing insights for local taxing agencies on how to determine tax rates, particularly when it comes to the results of property reassessments. Workshops are conducted to help agencies navigate the complexities of setting equitable tax rates in light of fluctuating property values.
As the Lexington County Council prepares for its final budget vote in June, residents are encouraged to stay informed about potential changes in their property assessments and the overall tax landscape. The goal is to balance fiscal responsibility with the needs of the community, ensuring that essential services can continue without straining the financial commitments of homeowners.
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Additional Resources
- WLTX: Lexington County Council Retains Flat Property Tax Rate
- WLTX: Lexington County Homeowners Might See Relief in Property Taxes
- The State: Property Tax News
- MSN: What’s Driving the Increase in Property Assessments in Lexington County
- Wikipedia: Property Tax
Author: STAFF HERE LEXINGTON WRITER
The LEXINGTON STAFF WRITER represents the experienced team at HERELexington.com, your go-to source for actionable local news and information in Lexington, Fayette County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Woodland Art Fair, Crave Food and Music Festival, and Railbird Festival. Our coverage extends to key organizations like Commerce Lexington and Blue Grass Community Foundation, plus leading businesses in education, manufacturing, and technology that power the local economy such as University of Kentucky, Toyota Motor Manufacturing, and Lexmark. As part of the broader HERE network, including HEREBowlingGreen.com and HERELouisville.com, we provide comprehensive, credible insights into Kentucky's dynamic landscape.
