The South Carolina Attorney General's Office provided an official opinion that the Town's proposal to use LOST Property Tax Credit funds to reduce Charleston County property taxes is legal. The Attorney General's Office also said that the Town could seek a declaratory judgment from a court to be sure.
The Town's proposal is to deposit funds that the Town received from the LOST property tax credit fund with the County Treasurer. The County Auditor would calculate the property tax credit and apply it to each tax bill in the Town. A municipal tax credit would appear at the top of each tax bill. This would include tax bills for homes, businesses, cars, and boats. Taxpayers in the Town would pay less to the County Treasurer by the amount of the credit. With the amount budgeted now, the result would be a 16% cut for homeowners in the Town.
If the Town comes to an agreement with Charleston County, then as each tax bill is paid and processed, funds from the Town's deposit would go to Charleston County's general government fund to cover the amount of the credit on the bill. Charleston County would receive the same amount of revenue as before.
Hopefully, this opinion by the Attorney General's Office will pave the way for the taxpayers in the Town to pay less taxes on the bills going out this Fall.
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