What Greenville County Business Leaders Need to Know About the 2024 Property Tax Reassessment

Jamie Stone
Sep 3
2 min read

Greenville reassessment notices are coming in September – here's how it will impact your business.

By Jamie Stone

Every five years, Greenville County undergoes a mandatory property tax reassessment, and 2025 is that year. For business leaders across our community, understanding this process is crucial for planning and budgeting. Greenville County Auditor Scott Case recently explained the key details every business owner should know in a presentation to the South Carolina Christian Consortium.

The Reassessment Process: Two Moving Parts

Property tax reassessment involves two critical adjustments happening simultaneously:

Updated Property Values - All properties are adjusted to current fair market value. However, thanks to 2007 state legislation, residential properties are protected by a 15% cap – meaning taxable value can't increase more than 15% from the previous assessment, even if fair market value rises higher.
Adjusted Tax Rates (Millage) - Here's the crucial part business leaders often miss: South Carolina operates under “revenue neutral” reassessment. This means local governments cannot legally receive additional revenue simply from reassessing properties. When property values go up, tax rates must be rolled back proportionally.

Why This Matters for Your Business

The reassessment can create a significant shift in who pays what portion of the total tax burden. Historically, residential properties haven't been updated for five years, while commercial and manufacturing properties face ongoing depreciation through normal accounting processes. This typically results in businesses paying a smaller percentage of the total tax burden after reassessment. So, while more total taxes aren’t collected, residential property values “catch-up” with business property values in a reassessment.

Manufacturing Advantages in South Carolina

For manufacturers, South Carolina offers significant competitive advantages. While owner-occupied residential properties are assessed at just 4%, manufacturing properties face a 10.5% assessment ratio – among the highest in the nation. However, the state's Fee-in-Lieu (FILOT) program can reduce this burden to approximately 6% for new investments, keeping South Carolina competitive with neighboring states like Alabama, Georgia, and North Carolina.

Critical Timeline for Appeals

Mark these dates on your calendar:

September 15: New assessment notices mailed out
End of October: Tax bills issued
December 14: 90-day appeal deadline

Unlike other years when you have until January 15 to appeal, reassessment appeals must be filed within 90 days of receiving your notice. This compressed timeline makes it essential to review your assessment immediately upon receipt.

The Bottom Line

While individual businesses may see their property values increase, the revenue-neutral rollback system means the total tax burden remains the same – it's simply redistributed. Smart business leaders should use this reassessment as an opportunity to review their property values and ensure accuracy, particularly if they believe their fair market value assessment is incorrect.

Don't let reassessment catch your business off guard – understanding the process today helps ensure better financial planning tomorrow.

Located in the Upstate, The South Carolina Christian Consortium connects South Carolina’s small business community with likeminded leaders. We host monthly luncheons where experts from a variety of industries come to encourage, equip, and educate you as a business leader. Come rub elbows with state and local elected officials, business owners, University leaders, and more at our events.