Nov
16

Realtors Blast ‘Point-Of-Sale’ Reassessments

By
November 15, 2008

By Liz Mitchell – The Island Packet

A property tax system that Realtors say desperately needs reform was the focus of a meeting Friday among local officials, state legislators and area Realtors.

Realtors are encouraging legislators to push for reform in January when the General Assembly begins its 2009 session. The Realtors’ primary concern is that prospective homebuyers often lose interest after learning they’ll probably pay higher property taxes than the home’s seller because of a recent change in how property is assessed.

The change, called “point of sale,” pegs a home’s value for tax purposes at its most recent sales price.

Before point of sale became law in 2006, property values changed every five years during countywide reassessments — and then, the reassessment was substantially lower than a home’s actual market value. With point of sale, property values can change between countywide reassessments and the new value typically is higher than the old assessment.

Two bills were drafted during this year’s legislative session to prevent point of sale reassessments. Neither bill passed.

Realtors say clients interested in buying second homes are feeling pinched by the change, and some are looking outside South Carolina.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.islandpacket.com/news/local/story/669357.html
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