CHARLESTON COUNTY, SC (WCSC) - Homeowners in Charleston County may have received a property assessment notice in the mail over the past couple of days.
The Charleston County Assessor's Office mailed out approximately 180,000 real property and 9,000 mobile home notices as part of the state law reassessment.
This year's assessment is based off the home values and sales from 2013.
According to Charleston County, in 2013 the median price of a home was valued at $265,000.
In 2014 the County says the median price was valued at $280,000, up almost 6% over 2013 prices.
The increase may require owners to pay a bit more in the long run.
"My number has gone up by about $2,500 dollars," said Chris Arold, a homeowner in Mt. Pleasant. "There's going to be a fairly significant increase in my property tax this year."
"For most property owners in Charleston County, property values will increase some because property values are higher than the values for the last reassessment , which were based on 2008 sales and values," said Toy Glennon, Charleston County Assessor.
The County's assessor's office says they do extensive studies on the real estate market.
Because of the rapid growth in areas like Mt. Pleasant and West Ashley, the cost of homes are going up.
For Arold, having to pay more in property taxes, means saving a little more.
"Certainly going to have to have adjustments made," Arold said. "A little bit more is going to have to be put away, but thankfully we were able to get rid of escrow, due to the increase in property values, so that is certainly an upside."
If your home's value went way up, that doesn't mean your property tax bill will go way up also.
"Some properties will benefit from the state law that limits increased in taxable value to a maximum of 15% over the previous value," Toy said. "Not all properties will qualify for this 15% reassessment cap."
To figure out the tax amount you will have to pay you take the assessment value, and multiply it by the mileage rate in the area you live.
Those numbers will then reflect on the property tax bill you get from the Charleston County Auditor's Office in the Fall.
"It is definitely a sign of the changes that are occurring within Charleston County," Arold said.
If you disagree with the assessed value of your home, you can file an objection and mail it back to the office by the end of December.
There's also a hotline number you can call to get questions answered about your notice.
The (843) 958-4144 number is staffed by County appraisers and are available from 8:30 a.m. – 5:00 p.m. Monday through Friday.