The Beaufort County Assessor is responsible for determining values of real property for tax purposes. Pursuant to South Carolina law, real property tax values are reassessed every five years or after an assessable transfer of interest. In Beaufort County, 2018 is a reassessment year, meaning that all properties will be reassessed, and new values will be applied to the 2018 tax year. Those values will remain for five years unless there is an assessable transfer of interest.
An assessable transfer of interest generally involves the conveyance of an interest, by deed or change in ownership of the title entity, in the property. After such a transfer, the real property is reassessed and the new taxable value will be assessed in the year following the year in which the transfer occurred. Certain transfers are exempt, such as the transfer of property between spouses or incident to a divorce. There are many situations that give rise to an assessable transfer of interest and exemptions. Anyone considering such a transfer or change in ownership should seek advice from a real estate attorney regarding the implications of such a transfer.
Harvey & Battey, P.A. has a full-service real estate department and provides services for both consumer and commercial real estate lending, as well as representation of financial banking institutions in real estate transactions. Harvey & Battey also represents many individuals and businesses before the Beaufort County Assessor and in connection with property tax issues and appeals. If you have any real estate related questions, please give Kevin Dukes a call at (843) 524-3109, and our team will get to work for you.