One of the things not fair and possibly unconstitutional is the Point of Sale (new sales are taxed at the sale price) provision in the 2006 Tax Act 388 . Quite possibly the entire act itself may be deemed unconstitutional in upcoming legal challenges.
For the present, the South Carolina Realtors Association is trying to work with the house and senate to change the current tax policy to make all transactions subject to the 15% cap on tax assessment evaluation unless the sale price is lower than the current assessment, in which case the assessment would reflect the lower valuation.The Realtors Association has mounted a huge ad campaign to gain support for the changes in the tax act.The lead internet site is www.itsjustnotfair.org where anyone can read the material and sign up in support of the effort .
I encourage everyone interested in a fair and equitable property tax system in this state to familiarize themselves with this issue and support the effort to change our entire property tax policy. This is not an issue for Realtors, it is an issue for EVERY PROPERTY OWNER IN THE STATE.
