The South Carolina tax swap : the estimated impact of Act 388 on homeowners and renters

Abstract

This analysis estimates the impact of South Carolina’s new property tax reform legislation on homeowners and renters at different income levels and living in different school districts. Table 1 shows the financial profiles of seven hypothetical families. Each of these seven families represents the average family within quintiles of South Carolina’s income distribution. Home values are estimated at two and one-half times income. Combinations of family incomes and home values are used for illustration; some South Carolina school districts will have few, if any, incomes or home values at the highest levels.