COLUMBIA, S.C. - Rep. Ronny Townsend hopes to take another shot at giving property owners tax relief this year with a bill that 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 clamoring 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 said a better plan was needed when he vetoed the legislation last month.

Sanford said the bill, which would have imposed a 20 percent cap on increases in property values on homes and businesses for tax purposes, was unconstitutional because it didn't tax property based on fair market value.

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.

"They would be the ones committing to the actual value that they're willing to pay for it," said Townsend, R-Anderson.

A House subcommittee will take up the bill Tuesday.

Critics had argued it takes money to run local governments and a cap on reassessed property values would shift the tax burden to other property owners.

The South Carolina Chamber of Commerce, which lobbied against the 20 percent cap, wants lawmakers to study the entire tax process.

"You can't look at one piece of the tax system," said Julie Horton, a chamber spokeswoman. "When you push down on one part of the tax process, it bulges elsewhere."

Townsend said he knows his legislation is not the perfect answer, but it spares property owners from facing two potential tax increases - reassessment and a higher tax rate.

Property owners can see their taxes go up if the value of their land increases or if schools and counties raise the tax rate.

"We have people losing their homes because property tax is escalating at such a rapid rate," said Rep. Vida Miller, D-Pawleys Island. "I'm just for some kind of property tax relief."

Sanford vetoed Miller's bill and now she's curious to see what happens with Townsend's proposal. She said one problem with Townsend's bill is a cap on reassessment for commercial property at 15 percent every four years.

"The constitution requires all property must be treated the same," she said.