Wednesday, June 19, 2013

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SC lawmakers split on tax breaks vs property sales
Posted: 02.03.2010 at 7:04 PM
0

COLUMBIA (AP) -- South Carolina legislators are weighing whether communities should lose tax dollars or gain potential property sales.

The debate is to continue Thursday as state senators consider a proposal to offer a business and homeowner real estate tax break.

Real estate agents say a property tax law that shields homeowners from dramatic tax increases as values rise hurts sales because new buyers get slammed with the increase. They say the problem is worse for commercial property.

But local governments stand to lose $44 million under proposals that would keep tax bills from rising when property is sold.

Wednesday's Senate debate came as weeks of negotiations ended with no deal. Some legislators say the bill may need to be sent back to a committee.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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