LAWSUITS NEWS & LEGAL INFORMATION
Property Tax Revenue
Columbia, SC: (Nov-13-07) Richland County brought charges against the city of Columbia, alleging that the city mismanaged county funds, leading to a financial whiplash. The suit claimed that for the past 20 years, the city has used a special tax district in the Vista to claim all new property tax revenues as land, and buildings there became more valuable. It stated that the tax increment financing district, or TIF, allowed the city to borrow money to pay for high priced projects, ranging from the convention center to street beautification projects. Without the district, those new property tax revenues would have been shared with the county and Richland schools.
As part of a settlement reached, the city council agreed to end the special Vista tax district, enabling Richland County to receive a $5.5 million windfall and settling a months-long legal dispute. Sources claimed that the tax district was set to expire in 2008, but due to the deal, has had its life shortened. [THE STATE: TAX MISMANAGEMENT]
Published on Nov-14-07
As part of a settlement reached, the city council agreed to end the special Vista tax district, enabling Richland County to receive a $5.5 million windfall and settling a months-long legal dispute. Sources claimed that the tax district was set to expire in 2008, but due to the deal, has had its life shortened. [
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