South Carolina Legislators Consider Changing Property Tax Rules

The following information was taken by a recent news article in The Post and courier Newspaper.

The current property tax system caps increases in the taxable value of a property at 15 percent during the county-wide reassessments, which is conducted roughly every five years. The value of substantial improvements to a property, such as an addition, can be added to assessments. And if the ownership of a property changes, it then is reassessed at full value.
But legislation awaiting action in the state Senate would put a 15 percent cap on the assessment changes that follow a change in ownership. Supporters say the change would spur economic development. Capping point- of-sale reassessments would remove an estimated $44 million in revenue from schools and local governments annually, the state estimates, resulting in possible property tax rate increases that would affect all property owners, cuts in school budgets and local services or both.

Link to the News and Courier Newspaper article and the "Point of Sale" Legislation.