(Columbia-AP) Jan. 17, 2005 - 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 Governor 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.

Representative Ronny Townsend says 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 on Tuesday.

Posted 10:54pm by BrettWitt