If the cap, which was approved by the state legislature earlier this year, is applied after tax bills are sent out in early October, local governments will be saddled with refund requests with no way to recoup about $40 million in lost revenue.
Sanford has given no indication of whether he will sign the cap bill into law, but local officials expect a veto of the plan to face a General Assembly override in January. If the governor takes no action, the plan will automatically become law in January.
Generales said he and Council Chairman Weston Newton held a conference call with Sanford last week to discuss the tax issue, stressing the importance of making a quick decision.
"We've asked the governor to make that decision before the month is out," Generales said.
A 20 percent cap would mean a home previously valued at $100,000, but reassessed at $200,000 would be taxed at $120,000.
If the cap is applied before tax notices are sent, the county can adjust tax bills to collect the lost revenue from homes and personal property that did not spike in value.
Delaying the cap until after tax bills are sent out would require a refund to taxpayers that overpaid, but the county could no longer raise tax bills on other properties to make up the difference.
Generales spoke on several issues during the Lady's Island group's monthly meeting, including the 1 cent capital sales tax referendum and future plans for the island
The $122 million referendum, set to go in front of voters in November, will pay for 33 projects, mostly road and park improvements, including $17.5 million for a parallel bridge to the J.E. McTeer Bridge on S.C. 802 to Lady's Island.
"It will give us a way to get off the island for evacuations and also for everyday life," he said.
The referendum will also pay for traffic improvements needed to maintain the tourism industry south of the Broad River, reasoning hard for some Beaufort and Port Royal residents to swallow.
"I have the same problem in Sea Pines explaining why they should be concerned with the (base closure) process," Generales said, referring to federal plans to shutter up to 25 percent of the country's military installations.
Beyond the referendum, he said the county may be looking for a large enough site to accommodate library, elementary school and park needs as Lady's Island continues to grow.
"We could take care of all of those needs in one spot," Generales said.