Assessable Transfer of Interest (ATI) or more commonly known "Point of Sale"

Act 388, the South Carolina Real Property Valuation Reform Act, passed by the SC Legislature in 2006 has a provision which mandates a property’s reassessment to fair market value, upon an assessable transfer interest (ATI) of the property. The reassessment to fair market value occurs the year following the sale date. This provision falls under section 12-37-3150 of the South Carolina Code of Law.

In most cases, if there is an increase to the fair market value of $1,000 or more due to the ATI, a “Notice of Classification, Appraisal and Assessment of Real Estate” will be sent to the new owner in July of the next year. This notice will allow the new owner 90 days from the date the notice was sent to file an appeal with the assessor’s office for the tax year the notice indicates.

If you have further questions regarding this subject, you may contact the Richland County Assessor’s office at 803-576-2640.

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