Home buyers need to be clear on the Point of Sale Tax Law. I am hopeful that it will get repealed and soon.

Here's what our backward-thinking lawmakers put on us:

If you purchase a home in South Carolina, your taxes will be assess based on the SALE price (the market value), while comparable occupied homes will be assessed (not the market value) as they have been--let me explain:

Let's say you purchase a property for $300,000, you will pay property taxes on the sale price $300,000. Your neighbors, properties identical to yours will pay taxes on the assessed value--which will, more than likely  be much lower then the taxes on the newly purchased home.

What if the current assessment for home in the neighborhood are at $150,000 or $200,000--they pay much less in taxes. Doesn't seem fair. And it isn't.

Secondly, the current law limits assessment increases to 15% every 5 years. Again, my neighbor will be paying lower taxes on a comparable property.

What if I am in the market to buy a home. If I have a choice between paying higher taxes or lower taxes on comparable homes, I might choose the comparable home with the lower taxes.

Things are hard enough for the housing market. t We want industry--lucky we're getting Boeing--but tax laws like this one discourage businesses from coming here.

Be encouraged, the South Carolina Realtors Association is lobbying hard to get this law repealed.