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Greenwood finance director outlines uncertain 2026 budget, warns of state tax law impacts
Summary
Finance staff presented a 2026 budget overview noting large uncertainty from recent state property tax changes and projected revenue losses; officials are preparing contingency measures and targeted spending controls.
Fred Wright, Greenwood finance director, presented the city’s preliminary budget outlook for 2026 and told the council the dominant theme is uncertainty driven by recent state tax changes and volatile local income-tax forecasts.
Wright said the state had provided an estimated loss of $3,232,200 to the city’s tax base from circuit-breaker and homestead-credit changes referenced in the meeting as SEA 1, an increase of 47% from 2025. He said roughly $960,000 of the projected loss stemmed from a new $300-per-property credit described in the state estimate. Wright cautioned that the state estimate has been low in prior years and that actual losses will not be known until tax bills are finalized in April 2026.
Wright also said the property tax growth factor was limited by state…
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