Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Tax topic
No spam. Unsubscribe anytime.
Finance committee seeks confirmation after Port Royal property tax exemption could cut district receipts
Summary
Committee members asked staff to confirm whether a Port Royal apartment complex—reported to have claimed a state affordable-housing exemption—reduced district receipts by roughly $726,000 in 2024; staff will verify with the county assessor and raise the issue with the legislative delegation if confirmed.
The finance committee raised a potential loss of district tax revenue tied to a Port Royal apartment property after media reporting and a town manager's inquiry. The chair asked staff to confirm whether the Preserve complex received a state property-tax exemption for an 'affordable housing' designation and, if so, what the fiscal effect was for the district.
Miss Crosby said she reviewed the 2024 tax bill for the Preserve and identified about $726,000 in operations and debt-service taxes that would have come to the school district in tax year 2024. She said she could not, without checking assessor records, confirm whether the district actually received that amount this year and that staff would need to verify the property tax ID with the county assessor to determine whether the exemption was applied and when.
"I can confirm that I saw $726,000 between operations and debt service taxes that would have...come to the school district in tax year 2024," Crosby said, adding that she would follow up with the assessor's office and coordinate with the district's legislative contacts. Crosby referenced ongoing attention to the issue and said she planned to raise it at an upcoming SCASA finance roundtable and with the state delegation; she also said she had been tracking a related bill (Senate Bill 125) but that it had not advanced recently.
Committee members recommended elevating the topic to the legislative committee and discussing the matter during planned visits to the state capital so other districts could be informed and potentially join an effort if this exemption is being used broadly. Staff committed to provide documentation from the assessor and to report back to the committee.
