2014
REAL PROPERTY
REASSESSMENT
1
•
This is the County’s sixth reassessment
• The 2013 property values for property tax
purposes are as of December 31, 2008
from the last reassessment performed for
2009 with implementation postponed until
2010. Properties qualifying as ATI’s (Assessable
Transfers of Interest) have been reassessed based on
12/31 of the year of sale
•
The 2014 reassessment values are as of
December 31, 2013
3
•
•
The total estimated decrease in our real property
value from prior tax year is -2.87%. The 2014
reassessment is the first reassessment in Horry
County’s history resulting in a total decrease in
market value. Some prior reassessments have had
total value increases in excess of 40%
The values from the 2014 reassessment that impact
the real property tax revenue is determined by
adjusting for the impacts of the properties for which
revenue is allocated to TIFs (Tax Incremental
Financing districts), adjustments for the property
values associated with Fee In Lieu of
Taxes(FILOT)amounts relating to the Multi County
Business Parks, and adjustment for the growth in
value due to improvements.
PRELIMINARY
REAL PROPERTY
TOTAL ASSESSED
2014 ASSESSED 2014 ASSESSED
2013 ASSESSED VALUE W/O VALUE PLUS
VALUE BILLED
GROWTH
GROWTH
$1,719,200,237 $1,680,332,326 $1,696,268,598
Change in value from 2013 Assessed Value
-$38,867,911 -$22,931,639
1. Constant change in real estate market
2. Increased number of multiple lot discount
applications (new legislation)
3. Increasing number of owner occupied residence
applications reducing assessed values (new
legislation)
4. Builder Exemptions
5. Decline in farm/timber tract developments
resulting in longer periods of agriculture special
assessment
6
Reassessment History
Reassessments
#Parcels
Market
Capped
Assessed
1982
81,985
4,270,000,000
0
179,011,256
1987
112,157
8,591,653,840
0
391,431,783
1999
169,003
17,289,920,052
0
753,477,812
2004 postponed to 2005
207,493
27,588,501,430
0
1,198,786,174
2009 postponed to 2010
245,143
40,282,779,946
36,482,779,946
1,738,243,535
*2013
247,000
41,005,667,065
37,448,350,220
1,781,059,941
2014
250,000
39,826,247,727
37,295,210,066
1,772,646,689
2014 Assessed Value Exempt by CAP
* Prior tax year to 2014 reassessment
(99,186,954)
Reassessment Appeal History
Tax Year
# Appeals
% of Parcels Appealed
1982
9,838
12.0%
1987
18,538
16.5%
1999
15,187
9.0%
2004
*2005
11,012
5.3%
2009
*2010
11,865
19,843
4.9%
8.1%
*2004 reassessment postponed until 2005
*2009 reassessment postponed until 2010
•
Legal Residence (New Legislation)
•
Agriculture
•
Builder’s Exemption
•
Multi Lot Discount (New Legislation)
•
Homestead Exemption
•
Commercial ATI
•
HOA
•
Military Exemption (New Legislation)
•
Historic Exemption (freezes value up to 15 years)
•
Roll Back Taxes
14
Rollback millage calculation revised,
uniform millage imposed
SECTION 3. A.
Section 12-37-251(E) of the 1976 Code
is amended to read:
 "(E) Rollback millage is calculated by dividing the prior
year property taxes levied as adjusted by abatements
and additions by the adjusted total assessed value
applicable in the year the values derived from a
countywide equalization and reassessment program are
implemented. This amount of assessed value must be
adjusted by deducting assessments added for property
or improvements not previously taxed, for new
construction, for renovation of existing structures, and
assessments attributable to increases in value due to an
assessable transfer of interest."

C.
This section takes effect for rollback millage
calculated for property tax years beginning after 2010
Taxable Value x Assessment Ratio = Assessed Value
Assessed Value x Millage = Billed Revenue
Roll Back Millage = Previous Year’s Billed Revenue
New Assessed Value
16
1
Fund
General Fund
Debt Service
HGTC
Higher Ed
Senior Citizens
Recreation
Waste Management
Rural Fire - Operating
Rural Fire - Apparatus
Socastee Recreation Commission
Mt. Gilead
Hidden Woods
Arcadian Shores
2
Regulatory
TY
Calculation
2013 of Rollback
Millage
Millage
35.6
36.6
5.0
5.1
1.8
1.9
0.7
0.7
0.4
0.4
1.7
1.7
6.0
6.1
19.5
19.9
1.7
1.7
1.8
1.8
7.0
7.7
84.6
91.2
32.3
36.2
3
4
MillageThat Would
Generate 2013 Tax
Year Revenue When
including Growth
35.8
5.0
1.8
0.7
0.4
1.7
6.0
19.3
1.7
1.8
7.6
91.1
35.9
TY 2014
Millage
approved by
Budget
Ordinance
35.6
5.0
1.8
0.7
0.4
1.7
6.0
19.5
1.7
1.8
7.0
84.6
32.3
Rollback calculation results in a rollup from the TY 2013 millage
5
Projected Revenue
(including growth)
variance from 2015
Revenue Budget
($420,401)
($59,046)
($21,260)
($8,256)
($4,716)
($20,057)
$38,699
$177,781
$6,931
$2,559
($2,524)
($6,839)
($6,431)
6
Proposed Millage
requested by Special Tax
Districts (Amendment to
FY 2015 Budget through
Ordinance 68-14)
1.8 mills
7.0 mills
84.6 mills
Capped at 35 mills