Mar
29

South Carolina Property Tax Update

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BLOG NOTE:

The South Carolina Association of REALTORS has done an excellent job of monitoring the impact of the changes in the property tax laws that were effective January 1, 2007. The following is an excerpt from a recent e-mail newsletter.

Recent changes to the property tax assessment structure in South Carolina have had some negative consequences on the real estate market, particularly along the coast and in the commercial market. Point-of-sale assessment is an issue that must be addressed, as there are some very serious inequities created in the market by point-of-sale. SCR is working with Representative Bill Cotty, House Ways and Means Property Tax Subcommittee Chairman, on a bill that addresses point-of-sale assessment for property tax purposes. This bill will not affect the property tax relief provided to owner-occupied homes or make any changes to the way owner-occupied homes are classified under SC property tax laws.

The Ways and Means Committee, the committee that will consider the bill, has been occupied with writing the state budget since early January. The House gave approval to the budget the week before last. With that behind them, the committee can focus on other legislative issues. We will be meeting with Representative Cotty this week to finalize the language. As soon as that is done, we can begin the legislative process and have the bill considered by the subcommittee.

I agree wholeheartedly with the SCAR position of the property tax law. If I can answer any questions on the law, and it’s consequences, please give me a call at 803-772-8282 ext 110.

MBD

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