The housing market may still be down, but in one county property values are going up.
ANDERSON COUNTY, S.C. -
No one wants to hear the words "tax increase," but that's exactly what many Anderson County homeowners will be told.
"When somebody has been around and reach a certain age, they shouldn't have to pay a whole lot of money per year for taxes because it is their property. I know they need to pay something," says Robert Jones.
Jones is worried that his dream of being a homeowner will soon become a nightmare.
Anderson County has reassessed the value of more than an 115,000 properties, with 75 percent going up, assessor Mike Freeman said.
Here's why – a law passed in 2006 only allows the value of a home to be increased by 15 percent every five years, unless it's sold.
"That was put in to prevent a property from going up 100 percent during the housing boom," says Freeman.
Because of the law, many properties were valued below what they were actually worth during the last county-wide assessment, according to Freeman.
So now homeowners may be paying the price.
Anything that was capped at 15 percent in the previous reassessment is going to be subject to the cap this go-around. Some properties may not change and some may go up between 1-15 percent.
Under the state law, counties have to bring in the same amount of money during a reassessment year as they did the year before.
Freeman says don't panic. Homeowners can appeal their bills within 90 days if they don't agree with the assessed value.