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The Official Web Site of the State of South Carolina

Lexington County Administrative offices will be closed Monday, February 18th in observance of Presidents Day.

Property Tax Definitions

Real Property - All land and the buildings, structures or improvements on that land.

Personal Property - All things other than real estate which have value such as cars, trucks, boats, motorcycles and airplanes, and items used in a business such as furniture, fixtures and equipment.

Reassessment - Process required by state law to determine the change in market value of property over a certain period of time in order to provide equity among taxpayers. Reassessment is a revaluation of real estate.

Market Value - The amount that property can reasonably be expected to sell for on the open market with a willing buyer and a willing seller.

Taxable Value - The amount that is used to calculate the assessed valued of a property.  This amount can be either the market value or a reduced amount if the property qualifies for an exemption.

Assessment Ratio - The percentage of your property’s taxable value which is subject to taxation.  Real Property (excluding manufacturing property) is assessed in South Carolina at either a 4% or 6% ratio.

Assessed Value or Assessment - The result of a property's taxable value multiplied by the appropriate percentage.  The assessed value is multiplied by the millage rate to determine the amount of property tax, excluding any tax credits that may apply. 

Millage Rate - The amount of mills levied in order to meet the budget of a school district, county, city or other political subdivision. One mill equals 1/1000 of a dollar or 1/10 of a cent. If the tax rate is 501 mills, multiply .501 by the assessed value to determine the amount of property tax due.

Tax Bill Number –A “Bill Number” identifies each individual tax bill issued for each Tax Year.  The “Bill Number” is used to link the billing and payment records for each tax bill.  The “Bill Number” appears twice on a tax bill: on the third line of the information listed at the top right corner of the bill, and at the left side of the third line down from the perforation (detach line) at the bottom of the bill.  Online payment of the tax bill requires the taxpayer to enter the “Bill Number” of the tax bill the taxpayer wishes to pay.   (The part of the tax bill below the detach line literally is the unpaid receipt for the taxes.  It becomes a paid receipt once payment is received and that section of the form is “validated” by the stamp of the Treasurer’s Office.)

Tax Year - The year that the tax bill is received payable by January 15 of the next year.

Penalty Amount – Amount required by law to be added to the total tax due for late payment of total taxes due on a specific property tax bill.

Execution Cost – Amount charged in addition to penalties to support the process of collecting unpaid property taxes after the third penalty date has passed and the Treasurer has turned over unpaid property tax bills to the Delinquent Tax Department for collection.

TMS (Tax Map System), TMS # - The “TMS” number links ownership and map location information. This information is maintained by the County Assessor’s Office.  This includes “tax maps” that show all the parcels of land in the county, each labeled with its own TMS number that links back to current ownership information for each parcel.