Property Value and Tax Estimates
Tax Notice Lookup
How are property values for buildings and land determined?
Richland County updates the value of all land and buildings every five years to match current market value. This is called a reassessment.
This happens every five years, as required by South Carolina state law.
Why does the County do this?
Property values change over time. Things like:
- where a property is located,
- how old it is,
- changes in the neighborhood, or
- the economy and housing market
can all affect how much a home or building is worth. Some property values go up, others go down. Reassessments help make sure everyone’s property is valued fairly and taxed fairly.
Timeline
Reassessments happen in years ending in 4 or 9 (like 2024, 2029, etc.).
- Appraisals are finished by December 31 of the fourth year
- New values go into effect the next year (the fifth year)
For example: If reassessments are done in 2024, appraisals are based on the market as of December 31, 2023.
Will My Property Value Go Up a Lot?
Possibly, but not more than 15% in one five-year cycle. Even if your property has gained a lot of value, state law says your taxable value can’t go up more than 15% in one reassessment cycle (five years), unless you made big changes to the property or sold it. This rule is meant to protect homeowners from large tax increases all at once.
What Happens Next?
If your property value changes by $1,000 or more, the County will send you a notice. You’ll have a chance to review it and ask questions.
Assessable Transfer of Interest (ATI) is when a property changes ownership in a way that triggers a new appraisal. This means the property will be reassessed at its current fair market value, and your tax bill may change based on that updated value.
In some cases, property owners may qualify for an ATI exemption that helps reduce the tax impact of a transfer. Call us or apply online.
Common situations that can trigger the reassessment include:
- Selling or transferring the property by deed or land contract
- Putting the property into a trust (unless the trust rules qualify for exemption)
- Inheriting property (in some cases)
- Leasing the property long-term (more than 20 years)
- Changing how the land is used, such as switching from farm use to residential or commercial use
- Changing zoning or property classification
- Transferring ownership of a business entity that owns the property (over 50% ownership change)
However, not all transfers lead to reassessment.
Examples of exempt transfers include:
- Transfers between spouses or to a surviving spouse
- Transfers to children when there is no surviving spouse (if the home keeps the 4% tax rate)
- Placing the property in a trust where the original owner or spouse is still the main beneficiary
- Transfers for estate planning (such as life estates)
- Business transfers between commonly controlled companies
- Easements or boundary corrections
- Timeshares and small partial interest transfers between family members
These rules follow South Carolina tax laws, including SC Code 12-37-3140 and 12-37-3150.
Reappraisal (Assessable Transfer of Interest) Examples
An assessable transfer of interest generally results in a reappraisal for property tax purposes.
- Conveyance by deed
- Conveyance by land contract
- Conveyance to a trust, unless:
-The settlor or spouse is the sole present beneficiary
-The trust property qualifies for the 4% assessment ratio and the sole beneficiary is the child(ren) of the settlor or spouse (note: reappraisal applies when the child later transfers it)
- Distribution from a trust, unless the distributee is the sole beneficiary or their spouse
- Change in trust beneficiaries, unless only adding/substituting the spouse
- Transfer by will/intestate succession, unless:
-To surviving spouse
-To child(ren) when no surviving spouse and 4% assessment applies (again, later child transfer is taxable)
- Long-term lease (over 20 years) or lease with bargain purchase option
- Ownership transfer of >50% in a business entity (corporation, LLC, etc.), unless exempt under federal tax rules
- Change in use of agricultural land triggering rollback tax
- Change in property classification due to zoning
- Publicly-held entity ownership where 20 years have passed since last assessable event
Transfer Examples Without Reappraisal
- Transfers exempt under federal tax law:
IRC §1033, §1041, §351, §355, §368, §721
- Transfer with retained life estate or life lease (taxable only after it ends)
- Foreclosure-related transfers (until redemption period ends)
- Redemption of tax-sold property
- Transfer to a trust where settlor/spouse is the sole present beneficiary
- Transfers for security or to discharge a security interest
- Transfers within an affiliated group (under IRC §1504)
- Transfers among commonly controlled entities
- Timeshare transfers
- Transfers of ≤50% undivided fractional interest, even in related transactions over 25 years
- Single-member LLC transfers, if not taxed as a corporation
- Easement-related transactions (e.g., conservation, utility, ingress/egress)
- Title-confirming or boundary-establishing transfers
- Creating/terminating a joint tenancy, if grantors/grantees are the same
- Zero or de minimis value transfers of fractional interest between family members, if both owned interest prior to transfer
Building permits and other property-related permits can impact property valuation. Any significant improvements or changes to a property (e.g., renovations, additions, demolitions) are typically factored into the valuation process.
Implications
- Permits allow assessors to update property records to reflect changes in use, size, or condition.
- Our appraisal staff regularly inspects permits issued to determine the amount of added (or lost) value to a property. Please be mindful that these inspections are not scheduled nor coordinated with the Building Inspections Departments.
- Updated valuations may lead to adjustments in market and taxable values.
Action Steps for Property Owners
- Ensure all required permits are obtained for property modifications.
- Verify updated property records after work is completed.
Questions?
We’re here to help! Contact the Assessor’s Office for more information.