![]() ![]() ![]() When asked about the situation, Lancaster County administrator Dennis Marshall pointed to the state-mandated five-year reassessment schedule that the county adheres to, saying it “evens out” the differences (It’s the reassessment, however, that state law caps at 15% and hasn’t kept up with rapidly rising market values.). “I understand cost goes up every year, but there’s got to be a way we can balance that.” “When you look at a house that’s all the sudden contributing a thousand dollars more to the county’s budget? That seems excessive and not really fair to somebody who’s two doors down and still contributing essentially the same amount of money,” McCarron explained. Dockweiler’s home was worth $300,000 when it was built in 2008, but anyone who’s been paying attention to housing costs in the Charlotte metro area - or anywhere else in the country - in the last couple of years won’t be surprised by the 83% increase in value when he bought it in 2021. Anyone who bought before the pandemic in the subdivision is paying taxes on an amount that’s close to the one they paid when closing on the home. South Carolina’s law protects longtime homeowners in South Carolina from massive swings in the housing market, such as the country has seen since mid-2021. That’s exactly what happened to Dockweiler and dozens of other new homeowners, who responded in frustration when McCarron put out a call on social media asking who was noticing unexpected tax increases after purchasing a home in 2021 or since. ![]() In other words, a home’s taxable worth of $300,000 in 2018 can at maximum only have a taxable value of $345,000 when reassessed in 2023 – until someone like Dockweiler comes along in 2021 and purchases the home for $550,000 at the current market rate. ![]()
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