Housing Prices Rise in Columbia

Recently, Richland County decided to conduct a new assessment of property prices. This study could benefit or harm all property owners in the cities that make up the county, especially the residents of Columbia, the capital and second most populous city in the state of South Carolina.

The reassessment project is carried out every five years, in accordance with state law, and aims to provide an impartial, fair, and market-realistic valuation of the city.

According to the County Tax Assessor’s Office, which is responsible for conducting the reassessments, once the new valuations of properties that experience any price change are completed, the county will proceed to notify the affected owners by mail.

To determine the increase in property value, the current value of the land is first considered, followed by the construction price. Once the total of both prices is known, the property price for the current real estate market will be determined.

Of all the properties that were studied, only the owners of those that have experienced an increase of more than a thousand dollars will receive the notification.

And although the taxable value of the notification, a 15% limit, is the basis for the county’s real estate property tax bill, the taxable value could be less than what is shown in the notification.

Therefore, if an owner is notified that the property they own has increased by the aforementioned percentage, their future taxes could see an increase. Conversely, if the perceived increase is less than 15%, future taxes would not increase and could remain the same, or even decrease.

What lawmakers seek by conducting a new study on property conditions and determining a new market value is not to increase property owners’ tax rates but to make a fair and real charge according to the property’s condition.

The concern of property owners, especially those in the city of Columbia, is that their properties will see a significant increase in their market value not because the property’s conditions have changed but due to the current real estate market boom.

However, according to legal provisions, any owner who feels that their new assessment is not appropriate or is unfairly set can appeal the decision within the first 90 days of being notified.

In the coming days, affected property owners will receive notification of the new assessment and will then have until the early months of 2025 to proceed with the appeal if they disagree with the result or the current value that the Richland County Council has determined for the property.

Available Foreclosures:

Columbia: 150 homes available

Richland County: 300 homes available.

By Elias DaSilva | October 14, 2024.