South Carolina House Proposal Aims to Ease Property Tax Burden for Homeowners
South Carolina House Proposes Property Tax Relief Using Surplus Sales Tax Revenue
The State – Homeowners in South Carolina might soon catch a break on their property tax bills, thanks to a proposal from the state’s House budget writers. Since 2006 when the state sales tax went up to 6% homeowners got a deal their property taxes on owner occupied houses were cut in half. $600 million sitting in the property tax relief fund it is time to give some back to the people. The remaining $100 million would stick around just in case sales tax revenue drops or to help manage future expenses. This one time relief would show up on tax bills in October due in January 2025 and could mean anywhere from $277 to $472 in savings for homeowners, according to estimates.
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Property Tax Relief Funds Increase: Potential Reduction in SC Homeowners’ Payments Next Year (PHOTO: Yahoo)
South Carolina Lawmakers Debate Use of Surplus Sales Tax Revenue: Bridge Repairs vs. Property Tax Relief
Originally, Governor Henry McMaster wanted to use the money for fixing old bridges but the House thought it made more sense to give it back to the taxpayers. This proposal still needs approval from the full House and then the Senate. State Senator Harvey Peeler who heads the Senate Finance Committee, is open to the idea suggesting he might even push for bigger tax cuts.
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