SC Chamber Foundation and SC Realtors Partner With Lincoln Institute on Property Tax Study
Monday, June 24th, 2019
The Lincoln Institute of Land Policy, a national property tax think tank, launched an in-depth, comprehensive analysis of South Carolina’s property tax system this week. The SC Chamber Foundation and the SC Realtors Association commissioned the study, which will analyze many issues and concerns regarding property taxes, including the impacts of Act 388 on businesses, commercial properties, and school districts throughout the state.
The inequities and costs of local property taxes are felt by small businesses, industrial and commercial property owners, renters, and schools in large and small counties around the state. The Lincoln Institute’s annual 50 State Study ranks South Carolina as a high property tax state:
- SC ranks 5th highest in industrial property taxes in the nation
- The SC average rural commercial property rate is 2.8% while the national average is 1.8%
During their visit this week, representatives of the Lincoln Institute met with county and school officials, as well as legislative tax policy staff to collect data and get insight and feedback on the current climate and concerns with Act 388.
Moving forward, the Lincoln Institute will continue to gather information from state and local officials, business and real estate owners, and school districts to complete its analysis and options for reform later this year.
A survey will be sent to our members who are affected by the current property tax structure to gather feedback in the coming weeks.