Many constituents have contacted me with their concerns over the acceptance of windfalls produced by property reassessments. Upon further research (and assistance from Senate staff), I have found that South Carolina law remains very clear on the subject. SECTION 12-37-251. (E) says that “ Rollback millage is calculated by dividing the prior year property tax revenues by the adjusted total assessed value applicable in the year the values derived from a countywide equalization and reassessment program are implemented. This amount of assessed value must be adjusted by deducting assessments added for property or improvements not previously taxed, for new construction, and for renovation of existing structures.”
This means that a taxing authority may not take more of your money simply because they decided that the value of your property rose, i.e. they may not take a windfall due to their reassessment. The law cited above provides for a rollback of the proposed tax burden to equal the amount of reassessment by inflation as opposed to reassessment of new or substantially improved structures or property bought at a new price since the last assessment. The law is clear—government may not simply decide that your property is worth more and then take more money from you.
Life Stone Materials Announces Operations in Anderson County in the old Straits Steel and Wire building off Standridge Road in the heart of SC Senate District 3!
Investment expected to bring 45 new jobs to the area
The South Carolina Department of Commerce and the Anderson County Office of Economic Development today announced that Life Stone Materials LLC will locate a manufacturing facility in Anderson County. The company expects to invest $5.5 million and create 45 new jobs in the area.
“We are optimistic that the knowledge brought to this venture will enable Life Stone Materials to become a global player in protective materials,” said Craig Trask, Production Manager of Life Stone Materials. “South Carolina provides our company with the skilled workforce and capabilities necessary to meet our manufacturing goals and provide our customers with the quality products they demand. We look forward to a strong and lasting relationship with the Palmetto State.”
Life Stone Materials will weave fabrics used in high-performance, protective technologies, including state-of-the-art ballistic solutions for the U.S. military, federal agencies, state, and local law enforcement. The facility is expected to be fully operational sometime in the second quarter of 2008.
“Life Stone Materials provides high-quality, advanced fabrics for a range of applications including life-saving technologies. We are pleased that Life Stone Materials has chosen to locate its operations in Anderson County. This investment is a testament that the state’s skilled workforce and business-friendly climate are working to attract advanced manufacturing jobs throughout South Carolina. Thanks to the team effort of local and state officials, Anderson County will benefit from this investment now and in the years to come,” said Joe Taylor, Secretary of Commerce.
“We are pleased to welcome Life Stone Materials to Anderson County and look forward to a long and mutually beneficial relationship. Our area’s leadership is dedicated to fostering the conditions for economic growth and improving the quality of life in Anderson County,” said Heather Simmons-Jones, executive director of the Anderson County Office of Economic Development.
Life Stone Materials LLC is a joint venture by Point Blank Solutions Inc. and FMS Enterprises Migun Ltd. The company will produce fabrics for both investing entities while utilizing collaborative research and development efforts. Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government, and law enforcement agencies, as well as select international markets. FMS has been a leading manufacturer and supplier of technologically advanced lightweight ballistic armor materials since its establishment in 1986. FMS sets industry standards, using technological innovation and strict quality control criteria. For more information on Point Blank Solutions For more information on FMS