S.C.
BUDGET
Cap not right way to stabilize property
tax
By Bob Logan
As expected during an election year, voters in communities are
besieged with promises from politicians seeking re-election or those
aspiring to become elected. In South Carolina, this is particularly
true. This year, we are being overwhelmed by so-called "do-gooders"
who hold out promises to revise the method or means by which
government should amend or in some cases even cancel tax laws such
as the residential property tax.
One of the more than 180 such tax adjustment ideas that really
bothers me and thousands like me is a regressive tax bill now before
the S.C. Senate for approval. This bill proposes to place a
mandatory cap on the assessed value of high-dollar properties, such
as waterfront residences, including those possessed by absentee
owners, until sold. Certainly a win-win for such a residential
property owner.
Using the "little old lady" in jeopardy of losing an expensive
waterfront home because of being taxed at a rate she may not be able
to afford is the excuse given by proponents of this regressive idea.
I say to them, these occasional circumstances have more advantages
than disadvantages.
Property such as this appreciates because of its increasing
fair-market value. Thus, it becomes a good investment for those who
are lucky enough to inherit same or purchase same. After all,
thankfully, we live in a country with a market-driven economy and
for the most part have a progressive taxing system.
Our communities cannot continue to grow at the rate they have by
implementing such regressive tax cap laws. I agree with The Sun News
editorial ("Tax cap bill unfair," May 6) that needed government
services, civil as well as educational, must be provided if we are
to remain the envy of the world. We must not transfer the
responsibility of funding these services from the haves to the have
nots. Expert economic analysts have shown that such would be the
case should this residential property tax cap bill obtain the S.C.
Senate and our governor's approval.
There are alternatives to keeping our owner-occupied property tax
more stabilized - amend the state developer impact fee law on new
development, for instance. Horry County Council is in the process of
submitting such a proposal to the General Assembly under the OK of
Horry County Council Chairwoman Liz Gilland and the impact fee panel
Chairman Councilman Harold Worley, District 1.
[Readers] should tell their state senators to say no to
the proposed residential property tax cap bill but to say yes
to the forthcoming amendment to the developer impact fee
legislation.
The writer, president of We the People of
Horry County, lives in Little River. |