During my research to determine the viability of lowering property taxes on manufacturing and commercial property, I came across some interesting data from the SC Budget & Control Board regarding revenue growth.
As a benchmark, consider that South Carolina’s population increased 15.3% from 2000 to 2010.
State Government Trends – 2001 to 2010
Total revenue increase from all sources (General Fund, Other Funds, Federal Aid) – 49.14%
- Total General Fund increase – 7.73%
- Total Other Funds increase – 55.36%
- Total Federal Funds increase – 97.42%
Local Government Trends – 2001 to 2010
Total revenue increase from all sources – 54.79%
- Revenue increase from local taxes/fees – 70.49%
- State Aid increase – 15.89%
- Federal Aid increase – 129.31%
- Other Local Sources increase – 188.67%