An audit commissioned by the Cherokee County Board of Education to study revenue changes related to a homestead exemption law “validated” the choice to opt out, according to a newly released report.
The audit focused on how not opting out of the new homestead exemption created by last year’s House Bill 581 could have impacted the school district’s funding.
HB 581 set an increase limit based on regional Consumer Price Index data, or inflation rates.
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The audit, undertaken by Team SPD on behalf of the district, found that if the district had not opted out of the exemption, property assessments would be limited to 2.4% annually, while the overall market was assumed to have a 6% annual growth…