Reassessment is required every five years by South Carolina statutes. The last reassessment in Charleston County was implemented in 2015. This reassessment is being implemented on schedule in 2020. The notices informing owners of the changes in value were mailed on September 11, 2020.
Reassessment is the process of revaluing all the property in a county to assign new values for tax purposes. Property values change over time due to market fluctuations, but not all properties change at the same rate, so over time some owners pay more taxes in proportion to the property’s current value, others pay less. The purpose of a reassessment is to equalize the tax burden so that every owner pays in proportion to their assessment (value) – to the extent allowed by law.
State law requires municipalities and counties to “roll back” their millage rate after reassessment of property values to ensure local governments receive the same amount of revenue from property taxes after reassessment as they did before.
Click here for see the Isle of Palms analysis of reassessed values and the current and proposed millage rates compared to the City's FY21 budget.