True or False: "The property tax assessment ratio for commercial and an owner-occupied residential property is the same."
Answer: False
The South Carolina Constitution sets eight classifications of property, each with a different assessment rate. The constitution establishes the different rates so owners who earn an income from their property would pay a higher tax. Manufacturing property has a 10.5 percent assessment rate. Commercial property and residential rental property have a 6 percent rate, while owner-occupied residential property is assessed at 4 percent.
The Municipal Elected Officials Institute of Government offers in-person and online courses. Elected officials who complete all of the required coursework graduate from the institute and are eligible to participate in the Advanced Institute. Due to Hurricane Florence, the Municipal Economic Development and Forms of Municipal Government courses are rescheduled from September 18 to November 13 for all COG locations except Lower Savannah. The Lower Savannah location will have the courses on November 15. Those who registered to attend the class in September do not have to register for the November class. The next Advanced MEO Institute sessions on October 24 will be Advanced Budgeting and Finance and Advanced Leadership and Governance.