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Bill Only Allows Reassessments During Sale Or Property Transfer
COLUMBiA -- A
House bill up for debate this week will take another shot at giving
property owners tax relief.
The bill would allow reassessments only if residential property is
sold or transferred.
Many residents, especially along
the coast, have seen their property values skyrocket and are looking for
ways to avoid being taxed out of their homes.
Lawmakers attempted to limit how much property values could
increase during reassessments, but Gov. Mark Sanford vetoed the
legislation last month.
The bill would have imposed a 20 percent cap on increases in
property values on homes and businesses for tax purposes. Sanford said the
bill was unconstitutional because it didn't tax property based on fair
market value.
Rep. Ronny Townsend said he thinks his bill meets Sanford's request
because it would prevent counties from reassessing property until it is
sold, putting the burden of higher taxes on the buyer.
A House subcommittee will take up the bill this week.
Previous Stories:
Many residents, especially along
the coast, have seen their property values skyrocket and are looking for
ways to avoid being taxed out of their homes.
- December 17, 2004: Sanford Vetoes Property Tax Reassessment Cap
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