COLUMBIA, S.C. – A new bill introduced in the South Carolina legislature could provide financial relief for boat owners by reducing property taxes on watercraft. The proposal aims to lower the current tax rates, making boat ownership more affordable and potentially boosting the state’s marine industry.
Supporters of the bill argue that South Carolina’s property tax rates on boats are among the highest in the region, causing some boat owners to register their vessels in neighboring states with lower tax burdens. By reducing these taxes, lawmakers hope to encourage more boat owners to keep their registrations within South Carolina, generating revenue and supporting local businesses.
Opponents of the measure, however, have expressed concerns about potential revenue losses for counties that rely on property taxes to fund essential services. Some lawmakers are calling for additional studies to determine the long-term financial impact of the proposed tax cuts.
If passed, the legislation would adjust the tax assessment ratio applied to boats, effectively reducing the annual tax burden on owners. The bill is currently being reviewed in committee, with a vote expected in the coming months.
