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S.C. Realtor Rally Tomorrow – Property Tax Reform

May 18, 2009

FOR IMMEDIATE RELEASE

Realtor Rally Tomorrow – Property Tax Reform

Changes to South Carolina’s property tax assessment methods have had a negative effect on the real estate market and economic development in South Carolina.

The General Assembly must act this year to ensure property taxes are fair for all.

Join the REALTOR® Rally Team tomorrow (May 19) for a huge event at the S.C. Statehouse.

REALTOR® Rally and Press Conference
Tuesday, May 19

12:00 pm
REALTOR® Rally & Press Conference • S.C. Statehouse Steps (Facing Gervais Street)

1:00 pm – 3:00 pm
BBQ lunch for REALTORS® & Legislators • Statehouse Grounds, between Gressette and Blatt Buildings
3:00 – 4:00 pm
Real Talk with REALTORS® & Wrap-up Session • Blatt Building Room 101

On May 19th, South Carolina REALTORS® will host a REALTOR® legislative day at the Statehouse specifically focused on Point of Sale reform. SCR will host a rally on the steps of the Statehouse, a press conference, Real Talk with REALTORS® and legislators, and a BBQ lunch for REALTORS® and legislators on the Statehouse grounds.

Lawmakers will see REALTORS® from every corner of the state rallying together to fix our broken property tax system. The state’s top real experts will explain our real estate markets are suffering from inequitable and unfair tax laws.

In 2006, the General Assembly enacted property tax reform that provided for point of sale assessments. Now, property is reassessed each time it is transferred, based on the sales price. Regrettably, this has created serious inequities in the real estate market. This is driving real estate investors out of our state, while businesses considering locating in South Carolina are choosing our neighboring states.

South Carolina REALTORS® support H.3272, legislation addressing point of sale assessment. The bill caps point of sale reassessment at 15% and uses that value as the baseline for the next countywide reassessment cycle. H.3272 has passed the House and the Senate Finance Committee. It was set for Special Order and awaits second reading on the Senate Calendar.

Addressing point of sale assessment is the best economic stimulus the General Assembly could provide our state.

It is critical that point of sale assessments are fixed before the General Assembly adjourns on Thursday.

Point of sale assessments are affecting businesses in every part of our state.

H.3272 is pro-business and pro-economic development legislation.

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South Carolina REALTORS® is the largest professional trade association in the state, serving as the voice of real estate for more than 18,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.

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