True or False? The property tax assessment ratio for commercial and owner-occupied residential property is the same.
Answer: False
The South Carolina Constitution sets eight classifications of property, each with a different property tax assessment rate. The constitution establishes the different rates so owners who earn an income from their property would pay a higher tax. Property used for manufacturing, for example, has a 10.5% assessment rate. Commercial property has a 6% rate, while owner-occupied residential property is assessed at 4%.
The Municipal Elected Officials Institute of Government offers the required course “Basic Budgeting and Municipal Finance” in person and as an online, on-demand course. After the MEO Institute offers Sessions A and B on February 2 in Columbia, the budgeting and finance course will be offered at the regional councils of governments locations on March 22. The registration deadline for that course will be March 14.