The Rock Hill school district is out more than $1.2 million in lost tax revenue this year. The district’s largest taxpayer, the former Bowater plant that is now owned by Resolute Forest Products, recently filed an appeal with the S.C. Department of Revenue over its assessed property value for tax years 2015, 2016 and 2017.
The appeal has resulted in the loss of $530,000 in revenue annually to the school district. With close to 500 employees at their Catawba plant, the manufacturer claimed the tax assessments were excessive due to economic challenges facing the paper industry, according to Bonnie Swingle, spokesperson with the S.C. Department of Revenue in a published report.
A settlement reduced Resolute’s taxable real property. The school district’s administration has requested that the school board approve moving $1.2 million from the district’s fund balance to cover the loss which will now be voted on at the board’s upcoming November 27th business meeting.