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Officials explain reassessment notice: market value and taxable value differ; county millage rolled back
Summary
Lexington County staff and finance officials told the council that reassessment notices show market value and taxable value separately, that state law caps taxable increases at 15% between reassessments, and that the county rolled back its millage so the county portion of taxes is not automatically an increase.
County staff gave a public briefing explaining reassessment notices, the statutory cap on taxable-value increases and how the county's millage rollback affects property-tax bills.
Jeff (staff) and Rick (staff) explained that reassessment notices list a market value and a taxable value and that, by state law, taxable value can increase by up to 15% between reassessments. Jeff said the market-value number on a notice is informational for taxpayers but that the tax calculation uses the…
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