Proposals will have lasting effect on private property, taxes,
other issues.
Voters have some important decisions to make about five proposed
constitutional amendments on the November ballot. The proposals
cover the gamut from gay marriage to limiting property taxes to
protecting property from being taken by government.
Today, the Greenville News offers opinions on proposals 2 through
5. The marriage amendment will be addressed later. In brief, we
recommend a "Yes" vote on every proposal except No. 4.
Proposal 2a (Adjournment provision): Yes.
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The amendment would allow the House and Senate to adjourn
temporarily when no business is being conducted. Specifically, the
House or Senate, by majority vote, could adjourn for up to 30 days.
A two-thirds vote could allow for an adjournment longer than 30
days.
Supporters say the measure would be most useful at the beginning
of the legislative session when committees are considering bills but
the full House and Senate are doing nothing or very little. State
lawmakers need the flexibility to adjourn temporarily. The measure
would save lawmakers time and save taxpayers money.
Proposal 2b (Deleting previous adjournment provision): Yes.
This proposal deletes the current requirements concerning House
and Senate adjournment. It must be approved to permit the provisions
of 2a.
Proposal 3a (Expanding state's investments): Yes.
South Carolina is the only state in the nation that is prohibited
from investing pension fund money in foreign stocks. That means the
state can't invest in such high-quality companies as Michelin,
Bridgestone and Nestle.
This amendment would allow the state to invest some money not
only in international stocks but also in real estate and private
equity. Broadening the investment options not only could boost
returns for the pension system, helping to ensure its future
solvency, but also would reduce risk through greater
diversification.
Proposal 3b (Eliminating Investment Panel): Yes.
The amendment is a housekeeping measure: eliminating an
investment advisory panel that already has been superseded by a more
professional and less political commission and staff.
The advisory panel formerly made investment recommendations to
the state Budget and Control Board, which was in charge of handling
billions of dollars in state retirement funds. In 2005, the General
Assembly wisely sought to take the politics out of the investing of
state pension money by giving those responsibilities to a six-member
commission and professional staff with investing expertise.
Proposal 4 (Property tax cap): No.
Property tax relief was a big winner in the Legislature this
year, but the fact is that this amendment would provide a tax cut
for people whose homes are appreciating rapidly while increasing the
tax burden on businesses and most everyone else. The amendment would
prevent tax assessors from increasing property values -- for the
purpose of taxation -- more than 15 percent every five years.
The proposal would favor wealthier people -- those who generally
own large, rapidly appreciating homes. Their tax burden would be
unfairly shifted to businesses and homeowners whose properties are
not appreciating as quickly.
Hardest hit would be new homeowners, because the cap would not
apply when a home is sold. Thus, those just buying a home -- a young
couple, for instance -- could see the highest property tax increase
of all.
A "No" vote is not a vote in favor of higher taxes but rather in
favor of tax fairness.
Proposal 5 (Eminent Domain): Yes.
South Carolina already has some of the toughest protections for
private property in the country, but this amendment would make it
even harder for government to take someone's property and give it to
a developer. It would prohibit the state or a local government from
taking private property for any purpose except for a public use
rather than mere economic development purposes.
This amendment was proposed in response to an overreaching
Supreme Court ruling that, in some instances, allowed local
governments to condemn private property so it could be turned into a
shopping mall or high-rise building. The amendment is needed to
further protect private property in our state.
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