South Carolina Homeowners 2024-25 Budget Proposal
From Bridges to Homes in South Carolina‘s Budget Allocation
According to The State, South Carolina homeowners might pay less in property taxes under the 2024-25 budget ideas from the House Ways and Means Committee. They suggest a one-time cut for South Carolina homeowners who are living in their own homes using $500 million from saved sales tax money since 2020. The idea is to give this money to counties based on how many people live there. The counties would lower property taxes for South Carolina homeowners. They plan to keep $100 million for future tax relief and in case there’s less money from sales tax later. The one-time property tax cut could be between $277 and $472 and will show up on tax bills in October due in January 2025.
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South Carolina House Eyes Property Tax Relief
Governor Henry McMaster wanted to use the $500 million for old bridges but the Department of Transportation only asked for $200 million. The House budget writers decided to stick to the original plan of using the money for property tax relief. The idea is seen as a one-time thing and the full House of Representatives needs to agree before the Senate Finance Committee led by state Sen. Harvey Peeler. Peeler likes the idea, saying it could benefit South Carolina homeowners taxpayers. The committee might think about more ways to give back property taxes as they talk more about the plan.