Friday, April 20, 2018
Official Website for Oconee County

Property Tax Definitions

Ad Valorem Tax
A tax based on the value of real estate or personal property.

Assessed Value
The appraised or fair market value of real and personal property multiplied by the appropriate corresponding assessment ratio equals the assessment or assessed value. Assessed value multiplied by the millage rate equals the amount of property tax due.

Assessment Ratio
The percentage of your property’s value that is subject to taxation.

Primary residence, Owner Occupied 4.0%
Second residence, out of state owners 6.0%
Other Real Property 6.0%
Commercial Real Property 6.0%
Agricultural Real – Privately Owned 4.0%
Agricultural Real – Corporate Owned 6.0%
Aircraft 6.0%, 4% beginning July 1, 2011 
Business Personal Property 10.5%
Camper ** 6.0% or 10.5%
Manufacturing Real & Personal 10.5%
Motor Homes** 6.0% or 10.5%
Railroads, Pipelines, Airlines, Real & personal 9.5%
Utilities Real & Personal 10.5%
Vehicles and Light duty trucks 6.0%
Heavy Duty Trucks, Business Vehicles 10.5%
Watercraft/Boat** 6.0% or 10.5%

** Could qualify for the reduced ratio if you meet IRS rules as qualified home for second residence.

Execution Cost
The 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.

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

Millage Rate
The number of mills levied in order to meet the budget of the county, town, school district or special purpose district.
One mill is equal to 1/1000 of a dollar.

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

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.

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

A process required by state law to determine the change in market value of property every five years in order to provide equity among taxpayers. Current state law provides that a piece of property can only increase up to fifteen percent unless the property is transferred from a person or an entity to another.

Tax Map Number (TMS#) or PIN #
The “TMS/PIN” number links ownership and map location information. The information is maintained by the County Assessor’s Office (864-638-4150). This includes tax maps that show all parcels of land in the county, each labeled with its own TMS/PIN number that links back to current ownership information for each parcel.

Tax Receipt Number
The receipt number identifies each individual tax bill issued for each tax year. The receipt number is used to link the billing and payment records for each tax bill.

Tax Year
The tax year is the year that the tax bill is received by the taxpayer and is payable by January 15 of the next year without penalty.

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