(Columbia-AP) Dec. 17, 2004 - Governor Mark
Sanford vetoed a bill Friday that would have imposed a
20 percent cap on property tax reassessments.
The value of property in South Carolina is reassessed
periodically. Typically, the value goes up, and so does
the property tax. In some areas of the state, especially
along the coast, property values have gone up
rapidly.
Governor Sanford announced his veto of the bill at
the State House, "The core of my political philosophy is
cutting taxes. But I think that in any look at any
attempt to cut lower taxes, it's always incumbent upon
us to do it within the confines of the constitution, and
to do it in a way that doesn't produce unintended
consequences from a policy standpoint. And I think
that unfortunately this bill breaches both of those
considerations."
The governor says the constitution requires that tax
assessments be based on fair market value, and this bill
would allow some owners to pay property taxes based on
less than fair market value. He also says it could have
an affect on the public school funding formula, so that
some counties, like Richland, would get less
money. In addition, he says lawmakers passed
the bill on a voice vote, when it required a recorded
two-thirds vote.
Sanford says he wants to cut the tax burden for state
taxpayers, "Ultimately, the courts are going to end up
making the final determination on this issue, but it's
my duty to state my opinion on any bill that comes to my
desk given the oath of office I took."
He says he will work with lawmakers when they return
to Columbia next month to find other ways to provide tax
relief.
Speaker David Wilkins said a decision about whether
to try and override the veto would come later. And he
said the house will continue to work on property tax
relief, whether in this bill or some other form.
The South Carolina Chamber of Commerce issued a
release Friday supporting the governor's veto, saying
the bill "would have created an unfair $462 million
shift in tax burden to a large proportion of homeowners,
small businesses, and manufacturers."
posted 2:27pm by Chris
Rees
