ISLE OF PALMS, SC (WCSC) - The Isle of Palms City Council is looking at doubling how much someone pays to rent out his or her home.
If this passes, the residential rental licensing fee would go from $175 to $350 for the initial permit, but that’s not all a person has to pay. After making $2,000, under the current rules, people have to pay a couple dollars for every additional thousand dollars made. That dollar amount would also be doubled.
For example, if someone were making $20,000 per year on rentals, right now they have to pay around $215 in fees. Next year, if this passes, they’d have to pay right around $430.
The city estimates this increase would bring in about $480,000 worth of revenue.
“We are looking at ways to remain solvent,” Isle of Palms Mayor Jimmy Carroll said. “We have limited resources.”
Carroll added that the additional revenue would go towards different initiatives like paying police officers more. That’s also something being discussed at the council meeting on Tuesday.
If council decides to increase these fees, it would be the first time they did so since 2007. Tuesday’s reading is only the proposal’s first. This means if it passes, it’ll come back before council at their next meeting before becoming official.
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