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Richland County commissioners approve letter to taxing jurisdictions as state law shifts homestead backfill
Summary
The Richland County Board of Commissioners approved sending a letter to all taxing jurisdictions to solicit input on whether to extend homestead and owner-occupied tax exemptions after recent state legislation removed guaranteed backfill for revenue losses.
The Richland County Board of Commissioners voted to send a letter to all taxing jurisdictions in the county seeking input on whether to adopt changes the legislature recently authorized to homestead and owner-occupied property tax exemptions.
The question follows state legislation that lets counties extend or double existing homestead and 2.5% owner-occupied exemptions but, according to county staff, removes the state reimbursement that previously backfilled revenue lost to those exemptions. The county plans a public meeting at 10 a.m. Thursday, Oct. 9, to hear affected taxing districts before any local action.
Why it matters: the board and county staff said the change could shift millions of dollars in property-tax revenue away from local governments if the county doubles or extends the exemptions. County estimates presented at the meeting — attributed to the county auditor’s office — include a roughly $6.6 million total…
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