Great news for South Carolina and Point of Sale Taxes. These point of sale taxes have been a bone of contention for many who wish to purchase a secondary, investment or permanent home where the taxes would go to the point of sale. Problem with this is that the owner next to yours whose value is the same but didn't sale taxes are much less than the one that did. My problem now is that values have declined about 30% from the high in 2006, what happens now is that the taxes will go to point of sale which is great. What happens to the owners who are "caught" in the middle who bought in 2006 at 30% higher but are not selling? Can they appeal the taxes and have theirs reduced to what the current value is??? Great article:
S.C. Senate passes tax break for second homes & commercial real estate
Associated Press
Tuesday, February 9, 2010
COLUMBIA - People with second homes, rental or commercial property will get a tax break under legislation that won approval in the Senate in South Carolina.
Tonight's voice vote approved a compromise that softens the tax bill for property an owner doesn't live in. Final approval on Wednesday sends the measure back to the House.
Backers said the legislation was needed to invigorate the commercial property market.
For an investment property owner, it means a home they paid $100,000 for and that sells for $200,000 will continue to be taxed at its original $100,000 value. In later years, that property gets a 20 percent discount on its property tax value.
The measure would cost counties and schools $35 million this year.
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