Edisto Beach Real Estate-SC Senate passes Tax Relief for Second Home Owners...
S.C. Senate passes tax break for second homes & commercial real estate Associated Press Tuesday, February 9, 2010 COLUMBIA — People with second homes, rental or commercial property will get a tax break under legislation that won approval in the Senate in South Carolina. Tonight’s voice vote approved a compromise that softens the tax bill for property an owner doesn’t live in. Final approval on Wednesday sends the measure back to the House. Backers said the legislation was needed to invigorate the commercial property market. For an investment property owner, it means a home they paid $100,000 for and that sells for $200,000 will continue to be taxed at its original $100,000 value. In later years, that property gets a 20 percent discount on its property tax value. The measure would cost counties and schools $35 million this year. Edisto Beach-Now That’s Heaven! Cal Griffin The Edisto Beach Real Estate Advisor Edisto Beach, SC Cell-843-908-2101 Toll Free 800-726-1881 Visit my websites: http://www.CalGriffin.com http://www.TheEdistoBeachCompany.com Visit my Blogs: http://www.MyEdistoBeachRealEstateBlog.com http://www.TheEdistoRealEstateAdvisor.com The Edisto Beach Company The Edisto Beach Company
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