Property Tax Relief Bill Proposal: Will Property Owners In South Carolina Pay Less Next Year?

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Homeowners in the South Carolina state may see a reduced property tax bill later this year, under a budget proposal by South Carolina House.

Property Tax Relief Bill Proposal: Will Property Owners In South Carolina Pay Less Next Year?
Property Tax Relief Bill Proposal: Will Property Owners In South Carolina Pay Less Next Year? (Photo: Education Week)

The Property Tax Relief will be noted in October property tax bills, for payments due in January 2025

House budget officers want to distribute $500 million in saved sales tax revenue to Property Tax Relief. Money in the property tax relief fund has accumulated to $600 million since 2020 the first year the account had a budget surplus. The property tax relief would not be noticeable to homeowners.

Now, the $500 million Property Tax Relief would go to counties based on population and counties would then reimburse the money to property taxpayers. The remaining $100 million would go into the property tax fund at the expense of the property tax relief and in case sales tax revenue drops.

According to the Revenue and Fiscal Affairs Office, the estimated one-time Property Tax Relief would range from $277 to $472.

Read Also: DeSantis Eyes White House: Shifts Focus To South Carolina, Leaving New Hampshire Behind

“If Property Tax Relief benefits the taxpayer, I’m all in,” Senator Peeler said.

According to the House Ways and Means Committee Chairman Bruce Bannister, R-Greenville “When we looked at the original purpose of the budget funds was for property tax relief, and it felt like that was a responsible thing to do. So that’s what the tax was originally designated for”.

The Property Tax Relief plan, proposed by the House Ways and Means Committee, is slated as a one-time tax reduction. The Property Tax Relief anticipates the money would be allocated for a second year.

The Property Tax Relief plan must be approved by the full House of Representatives and then go to the Senate for deliberation, which will start with the Senate Finance Committee run by state Senator Harvey Peeler.

Read Also: Optimal Funding And Participation Could Slash Poverty Rates In South Carolina, Urban Institute Report Reveals

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