Bill > H4602

This bill requires special purpose districts in South Carolina to adjust their property tax millage rates (the tax rate used to calculate property taxes) when they consolidate or remove services. When a district reduces its service responsibilities, it must proportionally lower its tax rate by the next fiscal year. The South Carolina Revenue and Fiscal Affairs Office will help calculate the appropriate adjusted rate by considering historical service expenditures, current service responsibilities, and ongoing revenue needs for essential services like fire and police protection. The district must submit the new millage rate to the county auditor by June 1st for implementation in the upcoming tax cycle. Additionally, the State Auditor will review these rate adjustments for three years, and if a district fails to comply, the State Treasurer can withhold 10% of its state-distributed revenue until the district meets the requirements. The bill will take effect upon the Governor's approval and will first apply to tax years after 2025.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4602&session=126&summary=B