House passes residential reassessment bill
May 18, 2011 12:20:00 PM - thestate.com
By a close 64-51 vote, S.C. House lawmakers gave final approval Wednesday to the so-called "point-of-sale" bill that delays the reassessment of properties, and the resulting higher taxes, until the county the property is located in undergoes reassessment.
Under current law, properties are reassessed for local tax purposes at the time they are sold. That can result in the new owner paying higher taxes than the previous owner.
Both Republicans and Democrats spoke out against the bill Wednesday, saying it will force local governments and school districts to increase their local tax rates. However, the proposal which real estate interests say is needed to revive property sales passed.
The bill next heads to the Senate for consideration.
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