$500M in property tax credit set aside for SC. How much will you get?
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BLUFFTON, S.C. () — Homeowners in South Carolina could soon get a tax credit. The state’s budget writers want to convert millions collected from sales tax and give back to property owners in the Palmetto State.

Homeowners in Beaufort County on average pay some of the highest property taxes in the state. However, property tax bills across the entire state could soon be cheaper.

The state’s budget writers want to take money collected through sales tax and put it back into your pockets. Since 2020, the state has saved $500 million from sales tax. Lawmakers want to take that money and spread it across all 46 counties with priority going to the the most populated counties.

“I think that’s a positive thing for the economy, to have some extra money to be able to put it back into the economy,” said Maureen Dwyer who owns property in the county.

The Revenue and Fiscal Affairs Office said those credits could rise to nearly $600. Right now, the House Ways and Means Committee’s plan is for a one-time credit.

However, they hope every year moving forward they’re able to give more tax relief. Homeowners told that extra savings could go towards other needs.

“Just daily living items, you know, food and entertainment and, you know, but definitely we would spend it to boost other people’s living,” Dwyer said.

Lawmakers are still putting together the final touches on the state budget. They will vote on a finalized budget in June and if this property tax credit makes it through homeowners could see lighter property bills in October.

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