Property tax amendment on the ballot this November - wistv.com - Columbia, South Carolina

Property tax amendment on the ballot this November

(Undated) October 20, 2006 - Almost everyone has to pay property taxes, and this November there is an amendment on the ballot that could change how much you pay. The amendment is kind of wordy, and even somewhat confusing.

Whether you own a home or a car, you've simply got to pay. It's one of two things in life, we're told, that are guaranteed. Not death, but taxes. It seems simple, until you take a look at Amendment Question Four.

"It's a complicated issue even for people who have been working in taxation field for 30 years, like I have," says Howard Duvall, who opposes the proposed amendment.

It reads, in part, like this: An amendment "to establish a method of valuation for real property based on limits to increases in taxable value, adjusted for improvements, of no more than 15 percent over a five-year-period, unless an assessable transfer of interest occurs."

"This is Robin Hood in reverse," explains Duvall. "You are taking the value of rich people and protecting it. Their taxes will be paid by people whose properties don't increase as much."

Duvall says capping a property's taxable value will benefit high-income owners, while creating a short-fall in state tax collections.

Groups in favor of the measure say it's low-income owners the amendment will help most.  

You can have your chance to voice your opinion on the issue November seventh.

Reported by Dan Tordjman

Posted 11:50pm by Logan Smith

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