Lower home values hit coastal counties’ tax base

HILTON HEAD ISLAND, S.C. (AP) — Falling real estate values may bring higher taxes on homes, particularly along South Carolina’s coast.

Beaufort County’s tax assessor has told local governments and schools that that county’s tax base could shrink by as much as 10 percent in some areas as property values have fallen.

A state attorney general’s opinion says the state’s property tax law allows counties to offset falling property values with higher tax rates.

The Island Packet of Hilton Head reported officials are operating under the assumption they’ll increase tax rates after reassessment in 2012.

The newspaper also reported (http://bit.ly/o3iVuZ) officials in neighboring Jasper County already are planning tax changes to deal with school operations.

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Information from: The Island Packet, http://www.islandpacket.com