For homeowners, South Carolina's property tax reform plan is the gift that keeps on giving.
The most recent presents -- refunds and reductions in monthly mortgage payments that homeowners should see early in 2008.
The property tax law that took effect in June eliminates the school operating portion of property taxes usually 50 percent of most property tax bills.
Homeowners across the state will save more than a half-billion dollars a year, in addition to existing property tax credits.
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That means homeowners who pay their property taxes in their monthly mortgage have paid more than they need to cover tax bills in January.
Rep. Nathan Ballentine, R-Lexington, said mortgage companies soon should begin notifying customers, sending out what is known as an analysis statement.
Homeowners, Ballentine said, can take a one-time refund or make an extra mortgage payment.
"Generally, in the past, those are not good analysis statements," said Ballentine, a mortgage banker and vice president of Wachovia Mortgage Corp.
"This time, it will say there is extra money."
The difference could mean a refund check of thousands of dollars for some especially owners of lakefront or expensive homes but less for owners of more modest homes.
In addition, Ballentine said, homeowners should see a reduction in their monthly house payments as mortgages are adjusted.
"It's a huge impact," Ballentine said.
It depends on the mortgage company as to when homeowners will see the refunds.
Ballentine said his company should send out notices in January. Officials with AllSouth Federal Credit Union said they will recalculate payments in January, likely to take effect in March.
Ballentine said homeowners should contact their mortgage service company if they haven't heard anything by the end of January.