Capped Value Plus Market Value
By James Wedgeworth on October 2nd, 2009I just received a phone call from someone who said that the Beaufort County Tax Assessor has increased my market value of my lot from $141,000 which was the date of December 31, 2002 to $340,000 in December 31, 2007, but it says $161,000 as the capped value.
Recently, the South Carolina State House and Senate approved a bill which was signed by the Governor which said that the most your taxable assessed value could go up in any 5 year time period was 15%. In this case, the lot went from $141,000 to $161,000 representing a 15% increase in value. The tax assessor is saying that they think the lot is really worth $340,000 (as of December 31, 2007), but we can only tax you on $161,000.
In this case, I told the owner that he really would not have a very good case if he tried to prove that his lot was worth that $161,000 because obviously it is worth more than $161,000, but worth significantly less than $340,000.
Most people should not appeal because the capped number is the number you will be assessed at – not the market value. Hopefully this makes this much easier to understand.
Can you explain this a liitle more? On our assessment it says that they are saying our house value is 122,000 and that they are charging us 4% of that as our taxes equaling 4000$ when last year we paid just over 400$? Are we really going to pay 3600$ more in the period of a year?? I’m so confused.
The 4% ratio is showing that this is your primary residence, not a 2nd home. Properties that are not primary residences are taxed at 6%. The number that determines your taxes is the “Total Taxable Value” – not the “Total Market Value Estimate”. Hopefully this helps!