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On May 3, 2022 at 10 a.m., City Council’s Tax Modernization Committee will meet at City Hall, council chambers. This will mark the second time this committee has met and the focus will primarily target taxes related to business, commercial, rental properties and apartments.
Business owners, developers, owners and renters of commercial property and owners of rental properties and apartments are encouraged to attend the meeting and to address the committee regarding issues they have faced, opportunities the city has missed and other impacts by our city and county having some of the highest taxes on non-owner occupied property in the nation. Each speaker will be allowed up to three (3) minutes to address the committee and there will be a sign in sheet upon arrival.
Dr. Rebecca Gunnlaugsson, president of Acuitas Economics, will also provide additional information at the beginning of the next meeting regarding tax plans that will have a positive impact on businesses/business owners.
Committee members include Mayor Daniel Rickenmann, Councilman Ed McDowell, and is chaired by Former State Commerce Secretary and City Councilman, Joe E. Taylor. Additional key members are Scottie Smith Hughes, commercial realtor, Steve Taylor, past president of the Central Carolina REALTORS® Association and Apartment Association of Greater Columbia, James Bennett, president of the Midlands Business Leadership Group and Billy Cantey, property management company owner.
The goal of the tax modernization plan is to offer a credit to ‘all other real property’ that would have the effect of reducing the assessment rate tax from six percent to four percent over the course of 10 years for tax payers in these particular categories without increases to any other taxes or fees.
As a reminder, the tax modernization committee meeting will be on May 3, 2022 at 10 a.m. at City Hall, located at 1737 Main St., in council chambers (third floor). A sign in sheet will be at the entry door for all those who intend to make public comments.
Original source can be found here.
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