Today I received a Call to Action e-mail that was sent to all
Realtors around the state. I have posted this e-mail below because it
not only affect Realtors, but virtually every single person in the
Palmetto State. If you own, plan to buy, or plan to sell property in
the state of South Carolina this affects you in a dramatic way. If you
don't know what the Point of Sale real estate
tax is, you should. Below are some facts taken directly for the SC
Realtors website. Keep reading to learn more.
From the SC Realtors Website on "Point of Sale":
In 2006, the General Assembly enacted property tax reform that provided for point of sale property tax assessment. Regrettably, this has created serious inequities in the real estate market.
Point of sale
…
While a nine percent decline in your local real estate market might seem like bad news, in South Carolina, you are the best. The 9.2% drop in Beaufort homes sales was the lowest of any South Carolina real estate market. Homes sales in Beaufort seemed like a dream come true compared to the Orangeburg, SC market, which fell an amazing 34%. If you have ever been to Orangeburg, that's certainly no surprise. Sorry Orangeburgonians. As far as the South Carolina real estate market goes, SC homes sales fell a whopping 24% compared to 2007. This is great news for us Beaufort SC real estate agents, home sellers, and anyone else involved in the world of real estate.