Nobody likes paying taxes, but some folks in Beaufort could soon be paying more. It's all connected to property values and the housing market.
City officials say taxes might go up because property value might go down.
Early estimates have the city's property tax base decreasing from more than $62 million to $58 million. Based on those numbers, it appears the average property in the city will decrease in value by 5.62 percent.
If those estimates are true, city manager Scott Dodson said that would leave the city short on revenue, and the city will have to make that up some how. One of those ways is by raising property taxes.
The city says another option is increasing the fee for business licenses.
The city won't have exact number until the final reassessment data is in, which will be after April 1. Then, they will be able to provide information about how much your taxes may increase.