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What's Happening to Real Estate in South Carolina?

By Bruce & Mary Smith

Real Estate Agent with Savannah Lakes Homes

March 26, 2009 11:36 PM

What's Happening to Real Estate in South Carolina?
Point of Sale H.3272

South Carolina REALTORS®! Contact your State Representative today and encourage him/her to support H.3272, legislation currently being debated in the House of Representatives. H.3272 will amend the Point of Sale property tax legislation (passed by our General Assembly in 2006) which has created serious inequities in our real estate market and has had a negative effect on state-wide real estate and economic development.

H.3272, introduced by Chairman Dan Cooper and Representative Jim Merrill, is designed to eliminate the property tax inequities. According to the South Carolina Association of REALTORS®, “This legislation is the most important economic stimulus the General Assembly can provide for our state. Timing is critical for point of sale assessment to be addressed this year.”

This legislation will be the opportunity to address property tax assessment issues in 2009. The recommended change in the Point of Sale legislation will have a positive effect on all future real estate transactions in SC; it will improve economic development; and finally, it will help real estate in South Carolina – your business!

Our legislators have realized that, in an already ailing market, investors are being further driven out of our state while businesses considering locating in South Carolina are choosing our neighboring states instead. Both the commercial and residential real estate markets are suffering because of the tax structure of the current Point of Sale..

Click to read H.3272.

Point of Sale S.435

South Carolina REALTORS® are also supporting S.435 in the Senate (sponsored by Senator Larry Martin) that also addresses the inequities caused by point-of-sale assessment. Not all Senators are supporting this legislation. Call your Senator today to ensure that he/she is supporting S.435.

Click to read S.435.

Get involved! Know what is happening with your business in our state!
Contact the SC Association of REALTORS® for additional information!

Visit South Carolina today - Smiling Faces, Beautiful Places! Bruce and Mary are South Carolina REALTORS® specializing in Savannah Lakes Village, a planned golf and lake front community in McCormick, South Carolina.

Bruce & Mary Smith "What's Happening to Real Estate in South Carolina?"

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Charlie Ragonesi

AllMountainRealty.com - Big Canoe, GA

Homes - Big Canoe, Jasper, North Georgia Pros

The states have no idea what we do but always try to get money from us in one form or another. Good luck with you fight. IN georgia we are always fighting to keep these guys in check

Mar 26, 2009 11:42 PM

Bruce & Mary Smith

Savannah Lakes Homes - McCormick, SC

REALTORS, Savannah Lakes Village McCormick SC

Thanks Charlie! The point of sale legislation has had a negative impact on the real estate business. It has taken almost three years to get this far. We have hope that the legislation will be amended this year! It is important to note how appreciative we are of the many legislators who have listened and have looked at the research and the numbers and are taking action! Thanks!

Mary

Mar 26, 2009 11:48 PM

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

Bruce and Mary, good luck in supporting these changes. As I'm sure you know, we have our tax issues in Florida also.

Mar 26, 2009 11:51 PM

Toula Rosebrock

Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ

Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock.com Hi Bruce & Mary:

Good luck with your fight!

Have a great weekend.

Hi Gabe & Toula! A call to action has gone out to all REALTORS® in SC asking them to get involved by contacting their Representative or their Senator. Sadly, many in the business are too busy with day-to-day activities to get involved with issues on the state level. We need all the publicity and help we can get! All it takes is an email to let them know we are out there and to make them realize how important this issue is. Thanks for your encouragement!

Mar 26, 2009 11:58 PM

Mark Brian

Silver Star Real Estate LLC - Anderson, SC

Anderson SC Realtor

Thank you for posting this. It takes all of us that are concerned about the economic health of SC to get the word out. SCAR wants the legislation changed to help the average home buyer/seller. Why it is so hard to get our REALTOR brothers and sisters to respond to a call to action is beyond me. I do not care how busy you are, it only takes about 30-45 seconds to respond to the email from SCAR.

Mar 27, 2009 02:41 AM

Hey Mark - Yes, it's time that all those in real estate get involved if they want to protect the real estate business in our state. Hopefully, the legislators will amend the point of sale this year. County governments, however, are fighting it because property taxes have gone up so much - thus their revenues!

Mar 27, 2009 02:51 AM

What's Happening to Real Estate in South Carolina?

Point of Sale S.435

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