Some Richland County residents may soon be receiving a notification by mail about property value changes.
The county assessor’s office is giving many property owners an early heads up about changes to the value of their property for 2025 if it has changed by at least $1,000. Around 12,700 property owners will receive the notices by mail beginning today, June 25.
Law requires the county assessor to assess all taxable property at market value. Three factors can cause property values to increase or decrease:
- an Assessable Transfer of Interest (ATI)
- new construction (built in 2024)
- physical changes, such as additions or renovations, that were made in 2024
While the taxable value on these notices is the basis for the County’s real property tax bill, the assessment and taxes will not be calculated until October, when county council sets the property tax rates, also known as the millage rate…