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Greenwood council adopts resolution opposing state property-tax changes after staff warns of steep revenue losses
Summary
City staff outlined how proposed state bills would cut property tax bases, shift taxes toward income, and threaten public-safety funding; the Common Council unanimously adopted a resolution opposing the state changes and asked the mayor to bring the message to the State House.
City staff told the Greenwood Common Council on Monday that pending state legislation would sharply reduce the city’s assessed value base, push more of the tax burden onto income taxes and could force cuts to public-safety services — and the council adopted a resolution opposing the changes.
Controller Greg Wright delivered a 45-minute presentation showing how earlier drafts of Senate Bill 1 and a House amendment (referred to in the meeting as House Bill 14‑02) would eliminate several local deductions and the business personal property tax, reduce local assessed value and create new replacement‑revenue mechanics. “We were predicting approximately $6,900,000 in lost revenues because of this change,” Wright told the council, citing an analysis the city received from Reedy Financial Group for AIM. He said the change in deductions would cut the city’s net assessed value by about $1.3 billion and could push Greenwood’s local tax rate up roughly 41 percent on the city’s 70‑cent portion of the rate.
Wright summarized provisions included in the House amendment that had been added earlier that day: elimination of prior homestead and supplemental deductions and creation of new credits and…
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