Everything You Need To Know About Lexington County Property Taxes In 2023
Introduction to Property Taxes in Lexington County
Welcome to Lexington County, SC, where taxes are a necessary part of keeping the county running. Property taxes are a major source of revenue for the county and help pay for essential services such as public schools, police and fire protection, and infrastructure improvements. Understanding the specifics of property taxes in Lexington County is important for all property owners.
Property taxes in Lexington County are calculated based on the assessed value of your property and the millage rate. The assessed value of your property is determined by the county assessor and is based on the estimated fair market value of your property. The millage rate is set by the Lexington County Council and is used to calculate your property taxes.
How Property Taxes Are Calculated in Lexington County
Property taxes in Lexington County are calculated by multiplying the assessed value of your property by the millage rate. For example, if your assessed value is $200,000 and the millage rate is 4.0 mills, your property taxes would be calculated as follows:
$200,000 x 4.0 mills = $800,000
In this example, your property taxes would be $800,000. The amount due to the county is typically paid in two installments, due on or before October 15 and March 15 of each year.
Exemptions and Credits That Can Reduce Your Property Tax Bill
There are several exemptions and credits that can help reduce your property tax bill. For example, homeowners who are 65 or older, disabled, or living in a rural area may qualify for an exemption from school taxes. Veterans may also qualify for an exemption from taxes on their primary residence. Additionally, the county offers a homestead credit for homeowners who own and occupy their property.
In addition to exemptions and credits, the county also offers payment plans for property owners who are unable to pay their taxes in full. These payment plans allow you to pay your taxes in installments over a period of time.
How to Appeal Your Property Tax Assessment
In Lexington County, you can appeal your property tax assessment if you believe it is incorrect. The appeals process begins with filing an appeal form with the county assessor. You will then be notified of the date and time of the appeal hearing. At the hearing, you can present evidence to support your position.
Once all of the evidence has been presented, the county assessor will make a decision. If the assessor denies your appeal, you can file an appeal with the Lexington County Board of Tax Appeals. The board will review your case and make a final determination.
Conclusion
Property taxes are an important source of revenue for Lexington County and are used to pay for essential services. Understanding how property taxes are calculated and the exemptions and credits that can reduce your property tax bill is important for all property owners. Additionally, you can appeal your property tax assessment if you believe it is incorrect.