May
04

Point-of-Sale Property Tax Bill Introduced in the Senate

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Point-of-Sale Bill Introduced in the Senate
The House approved H.4942(Cotty), legislation that addresses point-of-sale assessment issues, last week by a vote of 102 to 0. H.4942 was introduced in the Senate on Tuesday, received first reading and was referred to the Senate Committee on Finance. South Carolina Association of REALTORS lobbyists are working on securing a subcommittee meeting on the legislation.
Point-of-sale assessment is an issue that must be addressed, as there are some very serious inequities created in the real estate market by point-of-sale. H.4942 allows for a delayed implementation of point- of-sale assessment until the next county-wide reassessment cycle. This bill will not affect the property tax relief provided to owner-occupied homes or affect the 15% reassessment cap.

BLOG NOTE:
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Do not underestimate the importance of this. I hear that there are appraisers in the state that still aren’t addressing the tax law change in their appraisals…………this is embarrasing to the profession.
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MBD

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