Change in real estate law to benefit second home buyers (Update: maybe not in MYR)

Flickr user TheDigitelMYR-Scott Smallin

Update 8/22: The Sun News has an update on Govornor Haley's signing of S.C. House bill 3713 and how it may have little effect on Horry County in the immediate future.

Why? Among other things, home prices are already low and in some cases, lower than the true value of the home. Head on over to The Sun News for the full write-up

First Report 8/17: South Carolina Govornor, Nikki Haley held a ceremonial signing of the new tax law for real estate that lowers taxes for second home buyers. 

The law that actually changed two months ago gives incentives to second home buyers. It changes what also known as the "point-of-sale" law which sets the assessed value based on the sales price. Under the new change anyone that owns property taxed at 6 percent, such as businesses and second homes, will be taxed on an assessment based on a value that is below the sales price but not less that the most currently assessed value. 

Supporters of the new tax incentives say that due to the old tax structure home prices in South Carolina were higher than comparable homes in surrounding states. Hop on over to The Sun News for the full write-up on this story. 

Haley was quick to point out that this will not be the only tax issue her administration takes up, saying that we need to reform taxes so we can stay competitive with the rest of the country.