Horry County, South Carolina is in a great location, with beautiful cities such as Myrtle Beach.
So you would think that a reassessment of Horry County property values would be a good thing.
After all, in the current recession home values should be going down and that should lead to lower property taxes in Horry County.
Not so fast.
With property tax reassessments timing is everything and Horry County is one of those areas where the timing is just not lining up well for residents struggling during the current recession.
That’s because the most recent property tax notices are based on the latest reassessment that was completed based on 2008 values.
There’s just one problem.
The previous reassessment was done based on 2003 values.
So while home prices have tanked in recent years, they still haven’t fallen to 2003 levels. That’s creating a situation where Myrtle Beach and other homeowners are questioning higher Horry County property tax bills in a down economy.
Horry County officials haven’t seen a phenomenon like this one in recent property tax reassessment cycles. It’s a function of the current economy and the down real estate market.
Regardless of how it happened, homeowners aren’t happy and many of them are bound to appeal their assessment. That’s going to add more stress on a system that is already overloaded with property tax appeals that were already piling up in the county.
Don’t get caught on the wrong side of the reassessment. Let someone else pay higher Horry County taxes because of the timing difference between 2003 and 2008. Use ValueAppeal to keep your Horry County property tax assessment as low as possible.