COLUMBIA--Home and luxury boat owners would get property tax breaks under legislation headed to the House floor.

The House Ways and Means Committee approved a bill Monday that would lock property values at the purchase price and spare homeowners from reassessment shocks in their tax bills.

Under the legislation, the property value would only be adjusted when the home is sold or when there is a substantial improvement, such as an addition.

The value wouldn't go up after property is transferred among spouses in an estate or when a damaged home is repaired, said Rep. Bill Cotty, R-Columbia.

The break applies only to a primary residences, not vacation or rental property.

Estimates show that legislation will likely cause a $76 million tax shift in counties among different categories of property owners in the first year it is on the books. When all counties have gone through reassessments during the next five years, the tab will reach $169 million, estimates show.

The second break applies benefits big boat owners.

It caps property taxes at $1,500 for boats that can be claimed as primary or secondary residence with the Internal Revenue Service.

An estimate shows that bill will cost local governments $5.5 million in 2006.

House Ways and Means Committee Chairman Bobby Harrell, R-Charleston, said there likely would be no tax loss to local governments.

People with vessels now registered in other states would be more likely to title boats and pay taxes in South Carolina, Harrell said.

The committee also approved bills that:

-- Link the $50,000 homestead exemption from local home taxes for people 65 and older to inflation.

-- Allow counties to set up programs that let residents pay installments on their real estate taxes.

-- Redirect money from some fines and fees during the next five years, including drivers licenses, to highway projects.

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