Caucus Press Release: House Committee Proposes Real Property Tax Relief for S.C.
Nov 9, 2005
SOUTH CAROLINA HOUSE OF REPRESENTATIVES
HOUSE REPUBLICAN CAUCUS / PRESS OFFICE
FOR IMMEDIATE RELEASE
COLUMBIA -- That South Carolina House property tax committee approved a plan Wednesday that provides property tax relief by eliminating most property taxes for homeowners.
The bi-partisan plan will eliminate property taxes on owner-occupied homes and replace it with a 2-cent sales tax. It also will reassess all properties upon a transfer, except between spouses, and eliminate the sales tax on groceries, reducing the burden on the poor.
Property taxes for capital spending and bond debt service will not be affected.
"We know that any reform plan must prevent property taxes from coming back, rather than creating a windfall for local governments," said Majority Leader Jim Merrill, R-Berkeley, a member of the committee. "This plan will restrain future spending so relief isn't an excuse to raise taxes."
To prevent the burden from being shifted to small business owners, the committee approved rolling back appraised values to their 2000-2001 levels.
"This is a great day for the taxpayers of South Carolina," said Rep. Kenny Bingham, R-Lexington. "For a decade, property taxes have steadily increased and eroded the efforts of the General Assembly to provide relief."
The full House will consider the plan when it returns to session in January. Details on how it will come before the House have not been finalized, but the plan may include constitutional amendments that voters will have to approve.
"With this plan, the people of South Carolina will finally own their houses," said Rep. Annette Young, R-Summerville.
For More Information:
Majority Leader Jim Merrill
(803) 734-3138
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