What is Rollback Millage?
SC Code of Laws 12-37-251(E): In the year of reassessment the millage rate for all real and personal property must not exceed the rollback millage, except that the rollback millage may be increased by the percentage increase in the consumer price index for the year immediately preceding the year of a reassessment. “Rollback millage is calculated by dividing the prior year property tax revenue by the adjusted total assessed value applicable in the year the values derived from a countywide equalization and reassessment program are implemented.
Related Questions
- If the Fayetteville School District had managed to sell the current Fayetteville High School to the University of Arkansas, would a millage increase still be necessary?
- How does OR mapping deal with cases where data is not fully committed to the database? How would rollback take place on complex queries?
- Does Equalization review reports such as millage rollback calculations?
