The South Carolina Revenue and Fiscal Affairs Office (RFA) released the Consumer Price Index (CPI) that will be used to calculate millage rate increase limitations for fiscal year 2024-25.
Each county's millage rate limitation for FY 2024-25 will be based on the CPI increase from calendar year 2022 to 2023, which was 4.12%, plus any population increase from the previous year.
The U.S. Census Bureau is expected to release the 2023 county population estimates in March, and the RFA plans to publish millage rate limitations for counties following the release of those estimates. SCAC staff will forward that information to county chief administrative officers, finance officers and auditors as soon as it is available.
See the full RFA memo.
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