Lowering the manufacturing assessment ratio

October 10, 2013
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In recent years, South Carolina homeowners received a tax break when the state increased the tax burden on those who pay sales tax. Now a similar break is in the works for the state’s manufacturers. By lowering the manufacturing assessment ratio from 10.5% to 6%, South Carolina seeks to even the tax field with neighboring states when it comes to recruiting industry. But the state Association of Counties warns that lost revenue to local governments is not reimbursed. And that was on the mind of Oconee County Councilman Reg Dexter when he asked speakers from the state association whether utilities—in particular Oconee’s highest taxpayer, Duke Energy—would be among those manufacturers entitled to an assessment reduction. About the bill, an Association of Counties handout reads: “H. 3265 will increase the millage in order to pay for bonded debt, will dramatically shift the property tax burden to homeowners and other classes of property, including vehicles and utility property, and will severely impact the services counties provide.”

 

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