Myrtle Beach SC - Residential & Commercial Property Good News!

South Carolina "Point-of-Sale" Property Tax
Changes May be Coming

The 2006 tax laws passed by SC voters were originally designed to lighten the tax burden on property owners but has affected home sales and commercial investment in the state. During the rapidly rising property prices in 2005 many coastal homeowers felt the inflated prices and ever rising taxes were felt taxing them out of their homes.

The new laws took affect in January 2007. Property sold is now taxed based on the full sales price regardless of when the sale falls in a county's five-year reassessment cycle.

The South Carolina House approved H.4942 (Cotty), legislation that addresses point-of-sale assessment issues on Wednesday. This bill must still be approved by the Senate. The bill would keep properties on the tax rolls until the regularly scheduled county reassessment and extend the 15% cap to all properties regardless of whether they are sold. 

This bill will not affect the property tax relief provided to owner-occupied homes or affect the 15% reassessment cap.

This is great news for all property owners and buyer's especially, in coastal communities. Call me to find your perfect beach property or for more information on the area.

Bonnie Coast