Millage Roll Back in Town of James Island
James Island Town Council is holding a special meeting on Thursday, October 1 at 7 PM to adopt a millage roll back. South Carolina law requires that counties reassess property values every five years, and Charleston County completed its reassessment this summer. Property owners should have received a letter from Charleston County with the new assessed value of their property. South Carolina law also requires local governments to roll back their millage so that their new millage is equal to the amount of revenue raised from property tax last year divided by the newly calculated total of assessed value. The Charleston County Auditor’s office notified the Town that our roll back millage is 17.9, which is 2.1 mils below our previous millage of 20. This millage would raise as much property tax revenue for the Town with the new assessments as our previous 20 mils would raise with the old assessments. For the average James Island homeowner, the result would be that the property tax due the Town would remain unchanged. There are provisions in state law that allow local government to cut their required rollback based upon past inflation and so increase the tax imposed on residents. I am asking Town Council to adopt the rollback millage and not hike taxes—a policy is consistent with the budget passed by Town Council last June which included no millage increase. More importantly, Town Council also budgeted a Local Option Sales Tax credit sufficient to zero out the Town property tax, so the amount the Town collects from our property owners will remain zero. The millage rollback will still leave our property taxpayers with no net payment to the Town. Town Council also funded in the 2020-21 budget and reapproved in July a cost sharing agreement with the James Island Public Service District, which will continue to provide significant tax relief to Town taxpayers from the JIPSD millage, as it did last year. The Town’s millage rollback does not impact the cost share agreement with the JIPSD.
Mayor Bill Woolsey
Tuesday, September 29, 2020 4:13:00 PM