South Carolina state law requires that each county within the state conduct a countywide reassessment every five years. A one-year extension is allowed by county ordinance. During a countywide reassessment, all real property within the county is reappraised at its current market value as of its reassessment date. New legislation requires that in the year in which a reassessment is implemented each parcel of real property, be adjusted for improvements and losses, and does not increase more than 15% every five years unless an assessable transfer of interest occurs. Georgetown County is currently scheduled to implement its next reassessment in tax year 2020. Only real property values are affected by reassessment.