The amount offset by the LOST for property owners is called the LOST credit factor. This is based on the amount of sales tax collected each year. Of the amount generated, 71% would go directly to property tax rollbacks. The remaining 29% of revenue generated may be used for government operations and projects (both county and municipal, based on location of sale and population). It is estimated that the tax would generate approximately $10 million per year. View a chart that shows the breakdown of how LOST revenue is distributed.
While it is impossible to know the exact amount each property owner's taxes would be offset by this tax, you can download the Excel workbook linked below to help estimate your property tax reduction amount. After downloading the workbook, you will note that there are three separate worksheets for Real Property, Vehicles, and Boats. Double click on the green cell in Row 23, Column N and enter the taxable value of your home, vehicle, or boat (be sure you are using the appropriate worksheet).
Effect of Implementation of 1% Local Option Sales Tax - Microsoft Excel Workbook
DISCLAIMER: Please note that the above workbook is a Microsoft Excel workbook and will work best in that program. Any figures or calculations generated by this workbook are estimates and should only be used for planning purposes. Figures/calculations under this model may vary depending upon other factors, including but not limited to: property values, assessments, etc., which may vary over time. Neither the information provided by this workbook, nor any reliance thereon, shall operate to create any warranty or duty on behalf of Georgetown County, and Georgetown County assumes no liability or responsibility for damages which may arise in relation to or reliance on the information obtained through this workbook.