A listless year for construction in Richland County, along with slow sales in the commercial and high-end home markets, means property-tax revenues won’t grow as much as usual this year, Assessor John Cloyd said.
Add in tax appeals on some of the county’s most expensive properties and county budget writers won’t have much new revenue to work with, Cloyd said.
“I don’t see much growth,” said Cloyd, a trend that appears less pronounced in neighboring Lexington County.
New construction and sales were lower than they have been since the mid-1980s, he said.
Additionally, tax values were too high on commercial properties, such as hotels and strip malls hit hard by the recession, so the assessor’s office lowered them after reassessment appeals. The same went for high-end homes scattered across the county.