Call it a stimulus plan, South Carolina style.
The state Senate has given key approval to property tax breaks for anyone who buys commercial property or a second home this year.
Such properties would get smaller tax breaks if they change hands after 2010.
The goal is to encourage commercial property sales. The costs would be borne by local governments and schools, rather than the state.
The way it would work is if a property other than an owner-occupied home or an industrial property changes ownership in 2010, that property would be taxed based upon the previous owner's assessment. For example, if a property assessed at $200,000 sells for $250,000, it would continue to be taxed as if ...Read Full Post →