LAURENS COUNTY, S.C. (WSPA) — Upcoming property tax bills will be higher than they were last year for residents and businesses located on the Laurens County side of Fountain Inn.
According to the Laurens County Tax Auditor’s Office, a mathematical error was made when factoring in the LOST Tax Credit in 2023, which resulted in property owners receiving a 10 to 20 percent tax break last year.
When 2024 bills are sent out next month, property owners should expect them to return to the 2022 rates.
“We want taxpayers to understand that when they get their new tax bill, it will be likely higher than it was last year,” Fountain Inn Mayor GP McLeer said. “That’s not due to a property tax increase implemented by city council or Laurens County Council. It’s due to the correct formula being used.”
“So, if their tax bill was $1,000 two years ago, it was $800 last year,” Jim Coleman, the Laurens County Auditor, said. “This coming year, it’ll be back to $1,000.”
The mistake could also be seen in mortgage bills.
“If you escrow your mortgage, those escrow payments are based on the taxes the mortgage company had to pay,” McLeer said. “If they saw a lower tax bill last year, the mortgage company is going to correct their mortgage payment likely down. Then, this coming year, they may see an increase on their property taxes, which means the mortgage company will charge a little more next time round.”
According to Mayor McLeer, the city lost out on more than $400,000 in expected revenue because Laurens County did not collect the money from property taxes.
“Thanks to conservative budgeting practices, we still stand on strong financial footing,” McLeer said. “There will be no reduction in services, programs or anything like that that the city does.”
Mayor McLeer said the city will not re-bill property owners for 2023 property taxes.
Anyone with questions about their property tax bills can contact the Laurens County Auditor’s Office at (864) 984-2535. To learn more, click here.
