August 2, 1999


COMPTROLLER GENERAL LANDER ANNOUNCES

OVER $353 MILLION IN PROPERTY TAX RELIEF


FOR RELEASE: IMMEDIATELY

Today, South Carolina Comptroller General Jim Lander announced the release of over $353 million over the course of Fiscal Year 1999 in property tax relief reimbursements to the state’s counties, municipalities, and school districts.

These payments represent four separate programs by which the state reimburses local governments for property tax relief programs implemented by the General Assembly.

The Residential Property Tax Relief Program reimbursed school districts for $238 million in exempt taxes. This program initiated in 1995, exempts the first $100,000 of one’s legal residence for taxes applied to the local school district’s operating millage. The program reduced the tax burden on 1,096,335 residences.

The Homestead Exemption Program accounted for $51 million of the total. This program for those over age sixty-five, the blind and disabled exempts all taxes on the first $20,000 of a qualified applicant’s residence. The program benefited 257,404 citizens.

The Merchants’ Inventory Program reimbursed $41 million for taxes lost due to the General Assembly’s exemption of local taxes on merchants’ inventories (floor taxes) in 1984.

The Manufacturers’ Reimbursement Program accounts for $24 million of the relief package. This program which became effective in 1998, reduces the assessment of manufacturers’ property by 10% over a three-year period.

Lander, a longtime proponent of property tax relief stated, "I fought in the Senate for fair and meaningful property tax relief for South Carolina’s citizens." He added, "I am proud to have been a part in returning some of the state’s good fortunes to her hard-working taxpayers."

Click here for a schedule listing the counties and municipalities and the total reimbursement each one received.