Nov
11

Legislators: Point-Of-Sale Assessments Need Second Look

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By Michael Welles Shapiro – The Island Packet

November 11, 2008

Some local home buyers have been hit hard by a change in state law that has resulted in significantly higher property tax bills. Now, most of Beaufort County’s state legislators say they want to change that law.

In 2006, the state attempted to overhaul the property tax code, and part of that reform was the introduction of “point-of-sale” reassessments.

Point-of-sale reassessment means a home is assessed at its sales price when it changes hands. And that almost always means the buyer’s property taxes increase significantly over what the former owner paid.

The change went into effect for homes purchased since 2007.

Some local Realtors have said the change has further depressed real estate sales in an already depressed market.

The change in the law also prevented home values from rising more than 15 percent during normal reassessments, which occur every five years.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.islandpacket.com/news/local/story/664955.html
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BLOG NOTE:
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I still can’t believe that this law was ever passed. Integra Realty Resources has been receiving more and more calls about representing property owners in their tax appeals. Don’t hesitate to call or e-mail if we can assist with your residential or commercial properties.
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Mike Dodds

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