ATI Property Tax re-assessment

[Constantinos Zavos]

Hey guys, I bought a house in South Carolina this year and I was told the value of the house is being re-assessed this year for property taxes. I know there is an ATI exemption that reduces the taxable value by ~25%.

Anyone else went through this and can advise on how to move forward with this? I tried the county office but nothing helpful

[Patrick Roberts]

Im pretty sure the ATI exemption will only apply if the property was previously assessed at the 6% ratio when the transfer occurred (i.e., when you bought it). My understanding is that you have to submit an application with the county in the same year as the transfer/purchase. The ATI Exemption will be the greater of either A) a reduction of 25% of the new assessed value, or B) the previous assessed value. 

Each county handles this process internally - you'll have to reach out to your county. In CHS, the county assessor has a two page form that you complete and file with the assessor's office, similar to applying for the legal residence exemption. Closing Attorneys/law firms are another good resource for this.